by John Darer CLU ChFC CSSC
'Life Structured Settlements in New York is the latest made up term circulating in the blogosphere. What in the world is a "life structured settlement"? According to a new blog on blogspot, life structured settlements are "it" and they're roping Forge Consulting, EPS Settlements, Inc., Creative Capital and Baxter Settlements in with them. Let's try to figure out what the blogger means by "life structured settlements" by taking you through some steps about structured settlements.
- Structured settlements are defined here.
- A lifetime payout is one of many options for structured settlements. A description of other types of structured settlement payments can be found here
- A life structured settlements payout is sometimes referred to as "longevity insurance" because the annuity assures that you have an income that you cannot outlive.
- A life structured settlements payout can be used in combination with other types of structured settlements payout or in conjunction with a trust, such as a Settlement Preservation Trust or a Supplemental Needs Trust (SNT), or out of a Qualified Settlement Fund.
- A life structured settlements payout is available in all 50 states, not just New York. If you wish or need to, you can get a life structured settlements payout in Canada too!
- A life structured settlements payout is not be confused with a "life settlement" which refers to the purchase, or "transfer" of the payment rights to a life insurance policy and not a structured settlement annuity.
- Some so-called factoring companies will actually give you cash in exchange for the rights to your life structured settlements payments. Now this is very important… the buyer of a life settlement profits the sooner you die BUT the buyer of payment rights to a life structured settlements annuity profits the longer you live. Morbid, but true.
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