Structured Settlements

Posts Tagged ‘insurance company’

I have made the choice to sell my structured settlement. (Keep all negative comments to yourself please, I just need an answer to this question and that is all.) My insurance company, Symetra Financial offered me a lump sum, which I decided to take instead of my monthly payments, I am doing this so that I can purchase a home outright as I am tired of renting, and so that I can go to school without student loans, and so that I can purchase a vehicle outright, among other things. My case has to go to Missouri state court, and the state of Missouri has to approve the sale. I am wondering if anyone knows what the likely hood of them approving or denying the sale is? How long it takes, and general information on the sale of a structured settlement in Missouri. Thanks.

1.You have been offered a “structured” settlement from an insurance company after being involved in an auto accident. Under the terms of the agreement, you will be paid the following amounts:

Today: ,000
One year from today:,000
Two years from today:,000
Three years from today:,000
Four years from today:,000

You decide that you would rather receive the entire lump sum today. Using a 5% interest assumption, how much should the insurance company be willing to pay you in one lump sum today?

In this weeks edition of Speaking of Settlements, I discuss the dilemma, which is faced by structured settlement experts such as myself on a daily basis. That being that we all know that current interest rates are historically very low and will certainly go up over the next few years, but investors, savers or injury victims need to make decisions TODAY on whether or not immediate annuity income makes sense for them right now. This will be part of a recurring series of conversations I will be having on the ideas and strategies for those looking to use annuities to fund or finance retirement, care plans, settlement plans and other conservative income strategies using insurance company products. Learn more by going to www.thesettlementchannel.com

What requires insurance companies to include the mortgagee on loss payments for REAL property(substantial)? As mortgagee (me), their claim is that their only obligation to me is the balance of the mortgage. But they paid the insured more than the cost of the property in seven payments and failed to include my name on any of the payments. Insured took the money and ran (I probably would have to..) because he was better off financially than using the proceeds to restore the property. I learned about the loss (fire) when the insured defaulted on the mortgage and I called the electric company to restore service (couldn’t to a burned out structure). I was clearly listed as mortgagee on the policy. Had a real estate contract that stated that in case of default, all payments became rent and I took back posession of the property. Can they really get away with having failed to include my name on loss settlement payments? I feel that they encouraged the insured (mortgagor) to default on my loan.

I was recently forced to pay my medical insurance provider back 8,000 for services given to my son for a spinal cord injury. The reasons were the medical plan was a qualified ERISA and my son received compensation from a third party. The funds he received were placed in a structured settlement for future payment and are far short of what his life care plan assessment projects his future medical costs to be. Bottom line is that I was forced to reimburse the insurance company for all medical expenses which in my view would classify the payment as a medical expense.

I have a friend who’s son was receiving monthly payments set up through a structured settlement, as the result of losing his mother in a car accident. At the time the structured settlement was set up, the son was a minor, so my friend, his father, automatically became benificiary of the settlement. Now the son was killed 2 months ago in a car accident at the age of 19. My friend, his father, has been contacted by the insurance company about the remainder of the settlement. My friend filled out some papers and sent to the insurance company. They contacted him again and told him that when his son became 18, that he was no longer beneficiary, and that no one was because the son never appointed one after he turned 18, and now the remainder of the settlement would go to an estate for the son. And now he has to go pay a bunch of money that he does’nt have to Probate Court, just to get his son’s settlement, in order to finish paying funeral expenses, and such. Is this true?

The collapse of AIG as the empire it once was is going to have a major impact on the structured settlement market. If you are an attorney, settlement professional or claimant who is wonder if AIG annuities are safe and what might happen to your structured settlement, you need to watch this video that features Mark Wahlstrom and Jan Schlichtmann discussing the AIG bailout, insurance company insolvency and risks to trial lawyers.

My sister is disabled and receives a social security benefit (SSDI) check each month. She also receives a check monthly from an insurance company due to a car accident she was in a few years back. That is her only income. She qualifies for and uses Medicare.

She wants to get a lump sum payment from her structured settlement payments and use that to pay off bills etc.

Will getting all that extra money automatically disqualify her from getting Medicare and SSDI?