I continue to have great concerns about consumer financial literacy and who is providing the information to educate them.
Like the talking Moai Easter Island Head in the movie "A Night At The Museum", I have two words for Integrity Funding Sources and its President Virginia Dunn… "Dumb Dumb" . In its/her "10 Frequently Asked Questions"(about Selling Annuities) here is what she/Integrity Funding Sources states how insurers AND government agencies feel about selling annuity payments and our commentary:
"Dumb Dumb" "Well, in a word, THEY HATE IT! Insurance companies do not want you to know that you can cash out your payments. Why? Consider what happens when an insurance company offers you a structured settlement, paying what seems like a large amount of money, say $100,000 dollars over a 10 year period. Do they actually pay $100,000? Of course not. Common sense tells you that.
Structured Settlements 4Real She/Integrity Funding Sources lost the plot. As Mickey Rooney’s character might say "Take a Valium butterscotch! " HATE is a strong word. If "they" pay you $100,000 over a 10 year period you DO get $100,000, right"?! You don’t need common sense- you need to pass 4th or 5th grade math (cue eyes rolling). Where does "Dumb Dumb" get this information? Obviously not from attending a settlement conference or from other practical experience.
" Dumb Dumb" It is in their best interest to pay out AS LITTLE AS THEY POSSIBLY CAN. So, they buy an annuity for a lesser amount, (A GREAT DEAL LESSER), and then let that annuity earn sufficient interest to make your payments over the next 20 years.
Structured Settlements 4Real Confused? Is "Dumb Dumb" talking about the insurer paying out on the claim that resulted in the stuctured settlement OR the annuity issuer of the structured settlement? These are two separate entities. I thought we were talking 10 years? Obviously not information grounded in the reality of attending a settlement conference or from other practical experience particpating in settlement discussions. Furthermore no demonstrable knowledge of fair claims settlement regulations, structured settlement disclosure laws or the use of structured settlement affidavits.
" Dumb Dumb" They would never want you to know that they actually paid only a fraction of what it looked like they paid. It’s a money game, and as long as you are in the dark, they come out on top."
Structured Settlements 4Real Obviously not information grounded in the reality of attending a settlement conference or from other practical experience particpating in settlement discussions. AND… AND… AND ( a big stuttering "AND") "Dumb Dumb" wants you to get back at them by selling your payments to Integrity Funding Sources for a fraction of of what it is worth! Now that logic is…er, DUMB!
"Dumb Dumb" fails to answer her/Integrity Funding Sources’ own FAQ about how "government agencies" feel about this. Based on what we’ve seen so far I’m not sure we can give bona fides to her/its explanation.
Leave a Reply