Independent Insurance Group, LLC (“Independent Group”) announced today that its life and annuity subsidiary, Independent Life Insurance Company (“Independent Life”), has successfully launched iStructure, the first uncapped index-linked structured settlement annuity. Independent Life has secured almost $50 million in committed sales for the product from both settlement recoveries and installment sales of real estate and businesses.
iStructure provides the opportunity for growth in payout amounts with the same flexibility and tax benefits of traditional structured settlements. Already, nearly 60 individuals have elected to use iStructure for future periodic payments, with a wide variety of adoption: minors, adults, attorneys, personal injury cases, taxable settlements, and installment sales. iStructure is now available to all appointed agents.
“iStructure has proven to be successful in helping to improve the lives and needs of our payees and distribution partners,” said James Atkins, FSA, MAAA, Chief Executive Officer of Independent Life. “Our proprietary quoting software, Mosaic, has been built from the ground up and produces illustration packages that lead our marketplace in design and capability,” he added.
The annuity will be linked to the Franklin BofA World Index™, powered by the quantitative insights of Franklin Templeton and Bank of America, with the objective of capturing long-term growth by systematically investing in a volatility-controlled equity index of companies around the world.
“Our distribution partners are incredibly excited about iStructure because it is unlike anything else they can offer their clients,” said Christopher Bua, Senior Vice President of Sales for Independent Life. “One Fortune 50 company is already utilizing iStructure to resolve claims and their representative says this is the product they have been waiting 15 years for. We continue to listen to our partners on how to enhance an already great solution, so look for iStructure to become even more compelling as the product evolves.”
iStructure can be used for a variety of situations including personal injury cases, structured attorney fees, structured installment sales and taxable settlements. The benefits for clients include tax-free and tax-efficient income, the potential for increasing income, customizable payment options, market-downside protection, and protection against inflation.