Annuities : What Is Structured Settlement Annuity?
Hello, I’m financial planner Patrick Munro talking to you today about structured settlement annuities. Structured settlement annuities are as a result of usually litigation that’s happened between parties where a financial award has been given by one party to another as a result of a court action. Usually it’s in the form of payments because the court has set it up so that based on the life span of the person that won the settlement, usually from a car accident or some form that caused bodily injury or pain and suffering. After legal fees are paid, whatever balance of the insurance companies settlement will go in to an annuity. The insurance company will then pay the party a payment over time. Sometimes this can be a lump sum payment; large chunk of money given to the individual. However, more often then not, it’s in a monthly income stream designed to replace income that may have been lost as a result of the action, as a result of the ligation.
This is called a structured settlement annuity and I’m financial planner Patrick Munro..
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A structured settlement is a type of annuity arranged with an insurance company. Structured settlements are typically issued to individuals who have suffered harm as a result of a personal injury.
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