by John Darer CLU ChFC MSSC CeFT RSP CLTC
When planning a structured settlement for a long-term or lifetime obligation—possibly stretching 50 years or more—you’ll want a life insurance company with the staying power of a tortoise in a marathon, not a mayfly at a weekend festival. Longevity matters when you’re in it for the long haul.
Among the important items to consider is the insurance company’s ratings with third party rating agencies. Structured settlement annuity companies are life insurance companies who issue structured settlement annuities, life insurance and other insurance and financial products. Many structured settlement annuity issuing life insurance companies have been around for more than 75 years, some for more than 100 years.
Peter Piper “Picked a Peck of Future Periodic Payment Payers”
Best’s Review, A.M Best periodically publishes a list of life/health insurers with an A.M. Best rating of A (Excellent) or higher for 75 years, a period which has seen numerous wars and economic crises, booms and busts. Ratings used for the publication were current as of April 26, 2020.
Current Structured Settlement Annuity Issuing Life Insurers
- Metropolitan Life Insurance Company, since 1928
- New York Life Insurance Company, since 1928
- The Prudential Insurance Company Of America, since 1928
Note each of that each of these life insurance companies has been in existence since the 1800s.
New York Life Insurance Company is the oldest living life insurance company that issues structured settelment annuities.
See New York Life Insurance Company Structured Annuities
Life insurance companies who used to write structured settlement annuities who have structured settlement obligations on their books
- Massachusetts Mutual Life Insurance Company, since 1939
List of life insurers that currently issue structured settlement annuities who have maintained an A.M. Best rating of A (or higher) or higher for 50 years (but under 75)
In addition to the above, the 50 year list includes current structured settlement annuity companies:
- American General Life Insurance Company, since 1968
- Pacific Life Insurance Company, since 1959
- United of Omaha Life Insurance Company, since 1956
- United States Life Insurance Company in the City of New York, since 1959
While you may notice that Berkshire Hathaway Life Insurance Company of Nebraska is not on life/health list, this is because the company started in 1993. Its parent National Indemnity Company, a prominent property casualty insurer and reinsurer was founded in 1940 and is has been A or better for more than 50 years on the property casualty side. National Indemnity is used for periodic payment reinsurance , sometimes referred to as reinsurance structured settlements.
USAA Life Insurance Company, currently rated A++ by A.M. Best is part of United Services Automobile Association (USAA) which has been rated A or better since 1927.
American Home Assurance Company, which was, for many years, used as the qualified assignment company for structured settlements funded by AIG life company subsidiaries in New York has been rated A or better since 1944, more than 50 years.
Structured settlement annuity companies are among the largest life and health insurers in the United States.