by John Darer® CLU ChFC MSSC RSP CLTC
Is there a way to access structured settlement information online? Are you supposed to receive quarterly or yearly statements on your structured settlement?. How do you find out more information?” -Internet query received today
Comments
1. Unless you are speaking about a variable structured settlement, like MetLife’s Settlement Plus, when you accept a structured settlement you are receiving payments pursuant to a contract. The structured settlement payments are fixed (or subject to fixed increases) as to timing and amount and, for tax purposes, they may not be increased, decreased, modified, cancelled etc. Thus no statement is necessary is it?. A variable structured annuity may have annual statements.
2. The only real maintenance on a structured settlement annuity contract is:
Notifying the qualified assignment company if there has been a change of address, there is change of beneficiary, a change of bank account (if direct deposit has been elected) and/or if there has been a death of an annuitant. Many structured settlement annuity issuers have downloadable administration forms on their websites.
3. There is no central repository of your personal structured settlement information on line. If you have contracts with different contracts you may need to contact each of the companies.
4. 4structures.com, LLC, a Stamford, Connecticut based structured settlement and settlement planning company that does business all over the USA, maintains an online list of contact information for life insurance companies that issue structured settlement annuities. See Structured Settlement Annuity Company Customer Service Numbers for current and former structured annuity issuers (including some that have not written structured annuities for many years). Before you call please have the annuity contract number handy and be aware that privacy standards may limit or prohibit access to confidential information if you are not the annuitant or payee. You may need a power of attorney.
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