What Is A Structured Settlement Annuity

After the settlement money is negotiated and come to final terms the court order will request the funds to be placed into a type of income annuity contract called structured annuities. To carry out these periodic payouts the defendant will often purchase an annuity from an insurance company. A structured annuity also known as a structured settlement or a periodic payment judgment is an annuity or group of annuities with a very short accumulation phase funded by a lump sum payment similar to a single pay annuity.

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The company is a member of the national association of settlement purchasers.

What is a structured settlement annuity.

A structured settlement pays out money owed from a legal settlement through periodic payments in the form of a financial product known as an annuity. Structured settlements for minors are usually paid through an annuity from a life insurance company just as for adults. Instead of paying a lump sum cash only settlement the liability insurer proposes to pay the settlement through structured payments over a period of years known as a. This is a big difference between structured settlement annuities and retirement annuities.

The key difference between an adult owning a structured settlement and a minor owning one is control. The annuity is an irrevocable stream of regular payments from an insurance company that is structured in a way dictated by the court system. When used properly they can be a very effective tool for protecting a settling plaintiff s long term financial security. However many legal settlements offer a lump sum payment option which provides a one time sum of money.

Fairfield funding has been in business for 12 years and focuses on structured settlements and annuity payments. Structured settlement annuities can blend together different types of payment streams to address unique known or predictable needs in a single annuity contract. Instead of receiving all the money in one lump sum the plaintiff puts their money in an annuity which is a type of financial contract. How does a structured settlement work.

Around the time that a personal injury settlement is reached the liability insurer will almost always bombard the personal injury victim with proposals for structured settlement annuities. Structured settlement annuities are designed to offer the benefits of a structured settlement while reducing or eliminating the potential drawbacks. That way the defendant can remove your obligation from its books and transfer the responsibility for payment to a company with expertise in managing periodic payments. A structured settlement annuity is a way for someone who wins a legal settlement to receive the payout.

Structured settlement as an annuity.

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