Annuities Meaning
Purpose of an Annuity
An annuity provides income for a specific number of years or for life. An annuity protects a person against outliving their money. Annuities are not life insurance, but a way of accumulating money and liquidating an estate.
Annuity Owner
Annuity owner is the purchaser of the annuity.
Annuitant
Annuitant is the person who receives the payments from the annuity.
Accumulation Period
Accumulation Period, also known as the pay-in period, is the period of time over which the annuitant makes premium payments into the annuity. It is also the time that the premium payments earn interest on a tax deferred basis. Annuity Period, also known as the annuitization period or liquidation period, is the time during which the money that has accumulated during the accumulation period is converted into income payments to the annuitant.
Note: If an annuitant dies during the accumulation period, the beneficiary will receive the cash value or total premiums paid whichever is greater.
Annuity Funding
There are twoways to fund an annuity:
A single payment (lump sum) Periodic payments, in which premiums are paid in installments over a period of time.
Annuities can also be classified according to when income payments from the annuity begin.
Immediate Annuity
An immediate annuity is one that is purchased with a single lump sum payment and provides income payments that start within one year from the date of purchase.
Deferred Annuity
A deferred annuity is an annuity in which the income payments begin sometime after the first year. Deferred annuities can be funded either with a single lump sum or through periodic payments.
Annuity Payout Options
Annuity payout options specify how annuity funds are to be paid out. They are very similar to the structured settlements annuities options used in life insurance and determine how the policy proceeds are distributed to the beneficiaries.
Straight Life Income Option
The Straight Life Payout Option, also known as Pure Life, will pay a specific amount for the remainder of the annuitant's life. This option provides highest monthly benefit for an individual annuity. Although the annuity payments are guaranteed for the lifetime of the annuitant there is no guarantee that all the proceeds will be full fully paid out, because the payments stop after the annuitant's death.
Life With Period Certain
Life with Period Certain is anotherr annuity payout that is contingent on the annuitant dying. Under this option the annuity payments are guaranteed for the entire lifetime of the annuitant and for a specified period of time to the beneficiary.
Fixed Annuities
Fixed Annuities provide a fixed guaranteed payout. Payments that do not vary from one payment to another and guaranteed minimum rate of interest.
Variable Annuities
A variable annuity serves as a hedge against inflation, and is variable because there is not a guarantee of payout. Payments can vary from one payment to another, and there is not a set rate of interest. A variable annuity is considered a security and is regulated by the Securities and Exchange Commission (SEC). An agent selling annuity must also have a securities license in addition to their Life Insurance License.
Accumulation Units
As variable annuity premiums are invested and begin to grow this is known as the accumulation of units.
Annuity Units
Annuity units is the payout phase of the Variable Annuity.
Variable Annuities
A variable annuity is considered a security and is regulated by the Securities and Exchange Commission (SEC). An agent selling annuity must also have a securities license in addition to their Life Insurance License.
Accumulation Units
As variable annuity premmiums are invested and begin to grow this is known as the accumulation of units.
Annuity Taxes
A portion of each annuity benefit payment is taxable and a portion is not. The portion that is nontaxable is the anticipated return of the principal paid in. This is known as the Cost Base. The portion that is taxable is the interest earned on the principal. This is known as the Tax Base.
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What Is a Structured Settlement Annuity
A structured annuity settlement is a financial vehicle that includes periodic payments, provided that the plaintiff in a personal injury liability lawsuit replaces a cash payment settlement. This type of financial tool can only be configured with a licensed settlement planner. (Settlement Quotes does not create these insurance products.)
A structured settlement is set up by purchasing an annuity through a life insurance company such as Metlife or Monumental Life Insurance Company. This annuity can be a monthly, semi-annual, annual or lifetime payment from the claimant. These periodic payments are tax-free and are a great source of fixed income for an individual after a personal injury liability case.
Many people wonder if they can receive a one-time cash payment after they start receiving their structured settlement annuity payments. The answer is no, you cannot go back to a cash settlement for the total. You do have options however. Settlement Quotes provides services to people in this situation. We will offer you a sum of cash for your structured settlement from other companies.
This is not always the best option for many people. A discount rate will be applied to your structured settlement to calculate your present value of your structured annuity to calculate your cash settlement. Due to the time value of money, you will only receive a partial amount in the lump sum. After a court approval process the lump sum payment will remain tax free.
Quotes Settlement only recommends using this inexpensive option if you have other financial assets that can provide financial support for your family. Many people pay off their debts, send their kids to college, or make a down payment on a house with the money they receive from the factored structured settlement.
There are many benefits to keeping your settlement structured. Quotes Settlement recommends seeking the advice of a financial professional before factoring payments through a structured settlement factoring company. A structured settlement can be used as a source of income when it comes to applying for a loan. This option must be tried first before attempting to receive a one-time payment.
Frequently Asked Questions
Structured Settlement Quotes is dedicated to providing you with the information you need to make an informed decision about the sale of your structured settlement or annuity payments. The following is a list of the most frequently asked questions, followed by detailed answers from our learning center organized by topic:
About Settlement Quotes
What makes Settlement Quotes services unique in the market?
For what types of payments does Structured Settlement Quotes provide price quotes service?
About Selling Your Annual Structured Settlement
What is an annual structured settlement?
Is it legal to sell your structured settlement payments?
What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?
Can only some of your structured settlement payments be sold or do you have to sell all of them?
What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?
Do you have to pay taxes on the money received from the sale of your structured settlement payments?
What if you are in bankruptcy and have not yet been discharged?
The sale and transaction with a financier are risk free?
If you are a minor, can you sell your structured settlement payments?
Is It Legally Allowed To Sell Workers' Compensation Payments?
About the Bidding Process
How do you start the bidding process to receive quotes from our certified sponsors?
How long will it be until you receive the quotes?
How many quotes do you receive from Settlement Quotes?
Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?
Are you obliged to sell if you only request a quote?
How long do you have to accept an offer?
What if you accept an offer and then decide you want to cancel?
When do you find out which certified finance company gave the highest quote?
About the selling process and getting your money
Once you accept an offer, what are the steps to follow to complete the sale transaction and how long does it take to receive payment?
If the sale transaction is not completed for any reason, will you still receive your payments as usual?
About Settlement Quotes
What makes Settlement Quotes services unique in the market?
Settlement Quotes is a market leader in providing the industry for buying and selling structured settlement payments and other annuities in every state.
Settlement Quotes brings together, settlement buyers (Certified funders) to compete for their payments.
If you decide to sell, you have the peace of mind of knowing that the selected Certified Financier is one of the most experienced and respected in the industry to complete the sale and get your money in the shortest time allowed by law.
For what types of payments does Structured Settlement Quotes provide a quote service?
Settlement Quotes provides structured settlement quotes and other insurance annuity payments. Specifically, we can quote the payments you receive:
From an insurance company
As a result of a lawsuit or insurance settlement
Payments of any guarantee or life contingencies
Not as a result of a workers' compensation claim
We DO NOT offer quotes on:
Workers' compensation payments
Payments for a minor
Pensions
Social security payments
TIAA CREF payments
Mortgages
Pre-settlement cases
Settlement of travel expenses
VA disability or pension
Other disability payments
About Selling Your Structured Settlement Annuity
What is a structured settlement annuity?
A structured settlement annuity is a contract issued by an insurance company to finance the payment of personal injury compensation over a period of time. It is sometimes referred to as an insurance allowance.
In the event of your death, your beneficiary is guaranteed a tax-free payment or series of payments over a fixed period of time.
Most structured settlements are the result of a lawsuit, with payments resulting from a legal action.
Is it legal to sell your structured settlement payments?
Yes. You can sell your structured settlement or insurance settlement payments.
Most states have a structured Settlement Protection Act. These laws allow you to sell your payments if the following requirements are met:
Full information should be given on the financial terms of your sale.
You have a "cooling off period" after signing the documents you can change your mind and cancel the sale.
You must be informed in writing to request independent professional advice regarding your sale. In some states, you can choose to waive the tips.
The hearing takes place before a judge who considers your case and decides whether or not to approve the sale. The judge will examine your financial situation, what you want to do with the money, and whether it is in your best interest to sell payments.
The judge must issue a court order approving the sale.
What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?
An anti-transfer clause or anti-sale language does not prevent you from selling your payments.
Some structured settlement agreements or annuity policies contain anti-sale or non-transfer clauses such as:
"None of the periodic payments can be advanced, deferred, increased or decreased, they cannot be anticipated, sold, assigned or encumbered."
Since you must obtain a court order approving the sale of your payments, a judge will review and evaluate your case.
The judges have the power to approve the sale, even if the no-sell clause appears in the structured settlement agreement or structured settlement annuity policy which tries to prevent you from selling your payments.
Can only some of your structured settlement payments be sold or do you have to sell all of them?
You can sell part or all of your payments.
You can create more than one online file with different payment combinations and get more than one set of price quotes in order to better meet your financial needs.
If you only sell some of your payments, your insurance company will continue to pay the payments you still have on time and in good time.
What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?
Yes. If you have sold some of your structured settlement payments in the past, you can sell the remaining payments that you are still a beneficiary of.
Do you want to know how much your payments are worth? Get a guaranteed price offer set for your payments in less than 24 hours.
Do you have to pay taxes on the money received from the sale of your structured settlement payments?
The money you receive from the sale of your structured settlement payments will have the same tax treatment as the payments you receive from your structured settlement annuity.
If you receive your payments tax free then the money you receive from the sale of your payments will also be tax free.
In most cases, structured settlement annuity payments are tax-free because your pension was established to qualify for tax-free treatment under section 130 of the Internal Revenue Code.
The US Federal Government has taken several steps to ensure that payments received for personal injury damages are tax-free.
Section 104 (a) (2) of the Internal Revenue Code confirms that damages received from personal injury or illness are not considered income and are not taxable.
In 2002, a federal law was passed to protect beneficiaries in the sale of their structured settlement payments. As a result, Section 5891 was introduced into the Internal Revenue Code.
Section 5891 requires that the sale of structured settlement payments be approved by a court in accordance with applicable state law.
Please note that this information is provided as a courtesy only, and does not constitute legal advice. You should seek legal or professional counsel to deal with your specific circumstances.
What if you are in bankruptcy and have not yet been discharged?
We can quote your payments, even if you are in bankruptcy and have not yet been discharged.
If you are in bankruptcy, you will need to notify us before your case is quoted so that we can speak with your bankruptcy administrator or legal representative to obtain additional information.
Our certified funders reserve the right to deduct a commission for additional work in processing cases that have not yet been discharged from bankruptcy.
The sale and transaction with a financier are risk free?
You do not waive any rights in the sale of a structured settlement until the transaction is completed and you have received the full sale price. Furthermore, your case is protected by the court and a judge's order that forces the financing company to carry out its obligations. You are fully protected.
If you are a minor, can you sell your structured settlement payments?
Settlement Quotes does not offer quotes to underage beneficiaries as they have no legal capacity to sell their payments without the intervention of a litigation or a guardian.
Is It Legally Allowed To Sell Workers' Compensation Payments?
It is not legal for you to sell structured settlement annuities that arise from workers' compensation claims. You must keep the annuity until all payments have been completed.
About the Bidding Process
How do you start the bidding process to receive quotes from our certified sponsors?
To start the bidding process,
1- Go to the form above and enter the amounts of the payments, the date and the insurance company. You can enter as many cases as you like with different payment combinations to get the amount of money that best suits your financial needs.
OR
2- Contact one of our customer service specialists at 1-888-562-1268 and he or she can help you enter the information necessary for our certified financiers to start bidding and competing to buy your payments. Once the offers are received, one of our customer service specialists will contact you to review your case.
How long will it be until you receive the quotes?
We are usually able to get back to you within a few hours (up to a maximum of 24) with the company offering to buy your annuity. You can receive all or some of your quotes, in just 1 hour.
How many quotes do you receive from Settlement Quotes?
We are going to share with you the top quotes we receive from our certified sponsors. The number of citations we receive will depend on the number of certified funding participants at the time your case is entered on the Settlement Quotes website.
Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?
Yes. The price quotes received are guaranteed offers to purchase your structured settlement payments.
We guarantee:
1- You will get a higher price from each of our Certified Financiers in advance, without problems.
2- You will receive your guaranteed quote quickly --- in less than 24 hours and, often, in the shortest time of 2 hours.
3- Each quote constitutes an offer to purchase your annuity payments that remains open for acceptance for 24 hours after publication in order to provide time to decide. If you do not accept the offer within 24 hours from the date of registration, the offer is frozen and may remain valid or may be revoked or modified at the discretion of the respective certified financier on a case by case basis. It is recommended to contact Settlement Quotes at 1-888-562-1268 to confirm the availability of these types of offers, if the 24-hour period has already expired.
Are you obliged to sell if you only request a quote?
No. There is no obligation to accept an offer to purchase. You may decide that you do not want to sell your annuity in which case we will close the file until further notice from you.
How long do you have to accept an offer?
Each offer provided by our certified partners is open for acceptance for a period of 24 hours after publication. To accept, simply contact us by phone at 1-888-562-1268 and notify one of our customer service specialists that you accept the offer and wish to continue your sale.
What if you accept an offer and then decide you want to cancel?
You should not indicate acceptance of the offer until you are sure you want to proceed with the sale. However, even if you accept and receive sales documents, there is usually a "cool down" in which you can change your mind and cancel the transaction. The reflection time period is clearly stated either in the sales compliance certificate or in the Assignment Agreement that you receive as part of the sales documentation.
When do you find out which certified finance company gave the highest quote?
You will be notified by email or phone of the successful Certified Funder immediately upon acceptance of an offer to purchase. You can rest assured that each Funding Entity is examined by Settlement Quotes and certified to be reliable, trustworthy and competent to complete your transfer and get your money in the shortest time allowed by law.
About the selling process and getting your money
Once you accept an offer, what are the steps to follow to complete the sale operation and how long does it take to receive payment
At Settlement Quotes we understand that your financial goals depend on completing your sales transaction and getting paid in the shortest time allowed by law.
Once you have accepted an offer and confirm that you wish to proceed with the sale to the winning Certified Funder, the sale process immediately begins as follows:
1- First call at 2 hours. You will receive a call from a customer service expert on behalf of the certified finance company within 2 hours of acceptance. At that time, our expert will inform you that Financial Certificated was the successful bidder and will provide you with the contact information.
2- Legal documents in 24 hours. You will receive the legal documents from the Certified Financier within 24 hours. A Notary Public will wait for you at your home or other convenient location to review the sale documents with you, answer any questions you may have, and sign the sale.
3- Process in court within 30 days. Our Certified Financier will complete the court process as soon as legally permitted. This could take about 30 days, depending on the state.
4- Immediate access to your money. You will get your money directly by bank transfer into an account of your choice immediately after completing the legal process.
5- The expected time from price quotation to financing and the entire transfer process can take about 6 weeks, depending on the state in which you reside.
If the sale transaction is not completed for any reason, will you still receive your payments as usual?
Our certified funder will process the sale transaction of your structured settlement, at no cost to you.
In the unlikely event that your sale is not completed for any reason:
1- Neither Settlement Quotes nor the corresponding certified funder will charge you any fees or penalties. This promise will be recorded in writing in the sales documentation that you receive.
2- You will have the right to receive all the payments of the annuity that you had agreed to sell as they mature.
3- Your insurance company will continue to pay all future payments as if it had never entered into a sales transaction.
You will have no future obligation to Settlement Quotes or the applicable certified funder.
see also finance and business knowledge
Banking Explained Money and Credit
The international banking system is an enigma. There are more than 30.000 different banks world wide, and they hold unbelievable amounts of assets. The top 10 banks alone account for roughly 25 trillion US-Dollars. Today, banking can seem very complex, but originally, the idea was to make life simpler. 11th century Italy was the centre of European trading. Merchants from all over the continent met to trade their goods, but there was one problem: too many currencies in circulation.
In Pisa, merchants had to deal with seven different types of coins and had to exchange their money constantly. This exchange business, which commonly took place outdoors benches, is where we get the word "bank" from; from the word "banco", Italian for "bench". The dangers of travelling, counterfeit money and the difficulty of getting a loan got people thinking. It was time for a new business model: home brokers started to give credit to businessmen, while genevese merchants developed cashless payments.
Networks of banks spread all over Europe, handing out credit even to the church, or European kings. What about today ? In a nutshell, banks are in the risk management business. This is a simplified version of the way it works. People keep their money in banks and receive a small amout of interest. The bank takes this money, and lends it out at much higher interest rates. It's a calculated risk, because some of the lenders will default on their credit.
This process is essential for our economic system, because it provides ressources for people to buy things like houses, or for industries to expand their businesses and grow. So banks take funds that are unused by savers, and turn them into funds society can use to do stuff. Other sources of income for banks include accepting saving deposits, the credit card business, buying and selling currencies, custodian business and cash management services. The main problem with banks nowadays is, that a lot of them have abandoned their traditional role as providers of long-time financial products, in favour of short-time gains that carry much higher risks.
During the financial boom, most major banks adopted financial constructs that were barely comprehensable and did their own trading in habit to make fast money, and earn their executives and traders millions in bonuses. This was nothing short of gambling and damaged whole economies and societies. Like back in 2008, when banks like Leeman Brothers gave credit to basically anyone who wanted to buy a house, and thereby put the bank in an extremely dangerous risk position. This led to the collapse of the housing market in the US and parts of Europe, causing stock prices to plummet, which eventually led to a global banking crisis, and one of the largest financial crises in history.
Hundreds of billions of dollars just evaporated. Millions of people lost their jobs and lots of money. Most of the world's major banks had to pay billions in fines and bankers became some of the least trusted professionals. The US government and the European Union had to put together huge bailout packages to purchase bad assets and stop the banks from going bankrupt. New regulations were put into force to govern the banking business, compulsary bank emergency funds were enforced to absorb shocks in the event of another financial crisis. But other pieces of tough new legislation were successfully blocked by the banking lobby
Today, other models of providing financing are gaining ground fast. Like new investment banks, that charge a yearly fee and do not get commissions on sales, thus providing the motivation to act in the motivation in the best interests of their clients. or credit unions - cooperative initiatives that were established in the 19th century to circumvent credit sharks. In a nutshell, they provide the same financial services as banks, but focus on shared value rather than profit maximisation. The self proclaimed goal is to help members create opportunities like starting small businesses, expanding farms or building family homes while investing back into communities.
They are controlled by their members, who also elect the board of directors democratically. World wide, credit union systems vary significantly, ranging from a handfull of members to organisations with several billion US-Dollars and hundreds of thousands of members. The focus on benefits for their members impacts the risk credit unions are willing to take, which explains why credit unions, although also hurting, survived the last financial crisis way better than traditional banks. Not to forget the explosion of crowdfunding in recent years. Aside from making awesome video games possible, platforms arosed that enabled people to get loans from large groups of small investors, circumventing the bank as a middle man.
But it also works for industry - lots of new technology companies started out on kickstarter or indiegogo. The funding individual gets the satisfaction of being part of a bigger thing, and can invest in ideas they believe in. While spreading the risk so widely, that, if the project fails, the damage is limited. And last but not least, micro credits. Lots of very small loans, mostly handed out in developping countries that help people escape poverty. People who were previously unable to get access to the money they needed to start a business, because they weren't deemed worth the time.
Nowadays, the granting of micro-credits has evolved into a multi-billion dollar business. So, banking might not be up your street, but the banks' role of providing funds to people and businesses is crucial for our society and has to be done. Who will do it and how it will be done in the future is up for us to decide, though.
Benefits Behind an Annuity or Structured Settlement
Structured settlement FAQ
Structured Settlement and Annuity settlements are designed to provide a steady stream of income over a long period of time. If bad investments are made with a lump sum settlement, then they can vary in a few years of your life.
One of the advantages of receiving a structured settlement over a lump sum settlement is that a steady stream of income is divided for you over an extended period over several years.
A structured settlement is tax-free through the federal and state levels during its pay periods, but a lump sum of money invested is not tax-free.
As stated before, some bad investments could mean that a lump sum settlement won't last a lifetime.
A million dollars in an account seems like it could last forever, but after medical bills and living expenses this lump sum settlement can't last nearly as long as an annuity or structured settlement would.
The second advantage of a structured settlement is the vulture factor. Many people take advantage of older people who have a sum of cash. A lump sum settlement can be dangerous if the necessary precautions are not taken to protect a loved one. With a structured settlement this factor will not come into play. A fixed income will provide a worry-free environment for the individual receiving periodic payments.
The third benefit of a structured settlement is the expense to the defendant. Many defendants will settle out of court to avoid the big lawyer fees usually created by an ongoing legal battle. The argument is that the defendant could win the case. This is true, but the defendant could also back out much further than if they just settled out of court with a structured annuity.
The benefits of a structured settlement that were listed above are not the only ones. This article is intended to describe the important facts of a structured settlement.
Structured Settlement Quotes does not create structured settlements. We are a structured settlement exchange company. Financial times change for different people at different times, we offer a service of collecting a structured settlement, offering a one-time payment in exchange for those future payments. There are many reasons to use this option, but it is not recommended by Settlement Quotes to use this financial path if it is not needed.
FOR TO ASK FOR A REFUND CASH MONEY ANNUITY NOW?
For most people, the option of taking an annuity payment seems to make a lot of sense. Whether the income is from lottery prizes or a life insurance policy, it offers long-term financial security, and stability, right? At least, that is the theory. By assuming annuity payments, you are guaranteed to receive a certain amount of income for a certain period of time, allowing you to plan ahead and not have to worry about being without income. However, life has a way of turning things around, and annuity payments don't always work out the way you anticipate.
Stacking Accounts
Why collect a cash annuity? Many people find that one of the reasons they need this money is to be able to pay the amount of the bills - medical or otherwise. A medical problem can wreak havoc on your finances, and while annuity payments will help pay your bills over time, they cannot meet your immediate need. This is particularly true in situations where you have lost your job and creditors are harassing you, or your mortgage company is threatening foreclosure. In these situations, annuity payments could be of great help.
Where to find help
The real question here is how to withdraw money from the annuity. What should you do? You cannot go to the bank and ask for money in advance. Technically, all the money that belongs to you is held by the debtor - and is officially his until he has to pay you, despite your annuity contract. However, you have other options. There are companies that can buy your annuity in exchange for a certain amount of money. This gives you access to almost all of your funds immediately, to use as you see fit. You can pay the bills, repair your house, repair your car (or get a new one), or put the money towards your children's education.
The problem is that not all buyers are the same. Different buyers will offer different amounts in exchange for your pension, and you should never close a deal with the first company to make you an offer. You need to make an informed decision and compare your options. This is where you enter a brokerage - with the right help, you can receive quotes from several companies, compare each of the offers, and thus choose what best suits your needs.
WHAT YOU SHOULD KNOW BEFORE SELLING YOUR ANNUITY
Annuity payments certainly help offset your financial situation, but sometimes they may not be enough. If only there was one way you could get a one-time payment instead of small, ongoing payments. Actually, there is a way to do just that. You can sell your annuity. However, that is not necessarily the best option for you - there are things you need to know before selling your annuity to make sure you are making the right decision.
Consult Local Laws
One thing to do before anything else is to check your state laws regarding annuity sales. Each state has its own requirements, in addition to the federal laws governing the transfer of annuities, and you will need to make sure that you agree to all of them. If necessary, contact an attorney to help you understand the process, your obligations, and the laws that apply to you.
How much money?
Another consideration here will be the amount of money you can get for your annuity. Don't think that you are going to get 100% of the money you have to collect - It doesn't work that way. Most finance companies offer a percentage of what you come in, but there are other mitigating factors, including how the payments are set, the total amount of the annuity, and much more. You will also find that finance companies vary just like banks in terms of the terms they offer, so taking the time to review all the options and companies and compare them against each other is very important.
Get multiple offers
Given the importance of comparing the different offers, you will surely find several options when you decide to sell the annuity. This can be difficult to do on your own. However, there are stock brokers who can make the process simple and easy. These agents provide the means to start receiving offers from buyers within minutes, and you don't need to locate and contact financing companies on your own.
With the information above, you will find that making the decision about whether to sell your annuity is simple. Of course, there will be a lot of decisions to be made, but working with a reputable broker and following the advice mentioned above will ensure that you make an informed decision about the sale.
WHAT YOU NEED TO KNOW ABOUT FINDING ANNUITY BUYERS ONLINE
Annuity selling is not new - this has been going on since structured settlements have been around, even though it has become more common in recent years. For those who find that their structured settlement does not help with a crippling financial situation, finding annuity buyers is important. How do you do that, however? In fact, it can be as simple as going online to find annuity buyers, but there are a few things you should know.
Search Informed
Before looking for buyers on the internet, it is important to arm yourself with the necessary information. For example, not believing everything they say in late night commercials. The Annuity Sale requires more than just a phone call. The entire process can take more than a month, and is subject to the decision of a judge who determines if the sale can advance. Searching for annuity buyers online should only be done after you have thoroughly researched your situation.
Don't Look For Annuity Buyers On The Internet By Yourself
Another important tip for looking for buyers on the internet is that the process is simpler and more efficient when you have help, but, nevertheless, do not seek help from the buyers themselves. Rather, you should work with a broker who can help you connect with more reputable buyers. Working with a broker does not mean that you will start receiving offers immediately, but rather that you can work with some of the best buyers on the market. Searching for yourself only means that you will have to trust your own experience, which may not be as broad as it should be.
VET agents
Of course, you cannot choose a brokerage house blindly. Searching online to find annuity buyers is a tricky situation given the legal complexities involved. You need help from experts from a company with years of experience under its collective credit. Make sure the company you work with has a verifiable history dating back several years. You should also make sure that they are full members of the Better Business Bureau and that they work on your behalf, and not on behalf of the buyers. While there are brokers to connect the two parties, it is necessary to have your interests protected and a good broker will do exactly that.
As you can see, there are several things you need to know before starting an online search to find annuity buyers.
WHAT IS AN ANNUITY?
An annuity in the most general sense of nature is a financial arrangement between two parties where one organization pays the other. This type of transaction usually takes place between an insurance company and an individual. Some examples of insurance companies that offer annuity products are Allstate, Safeco, Monumental Life, AIG, New York Life, and Met Life.
Annuities fall into several categories, including fixed vs. variable, immediate vs. Deferred, unique premium vs. flexible premium, qualified vs. unqualified
Classifying an annuity can be confusing, as they can be classified into all of these categories at once. An example might be a qualified fixed single premium lifetime annuity. In other words, this annuity benefits which means it will be invested in a tax-advantaged retirement plan like a 401k or IRA, the fixed category means the annuity will be funded by a single payment, and the fixed categories mean half life that the annuity will last until the death of the policyholder paying in guaranteed increments earning a fixed amount of interest.
The benefits of an annuity
The first benefit of an annuity is income for life. This type of annuity is called an annuity and can be set up to earn a fixed amount of interest and payment on either monthly, semi-annual or annual payments.
The next benefit is the tax advantages of having an annuity. Capital gains and investment income invested in annuities are not taxable until withdrawal. Tax deferral on income-generating investments is very important because there are no limits to the amount that can be invested in an annuity, unlike many other financial vehicles.
The third advantage of owning annuities is the benefit of your heirs. A common misconception about annuities is that when an annuity is funded and the policyholder dies shortly after payment the insurance company keeps the entire investment. This can happen, but this can be avoided by purchasing a guaranteed annuity. This guarantees an income to the beneficiaries after their death for the assigned amount of configuration year during the period of creation of policies.
Settlement Quotes does not sell insurance products. SQ is an annuity factoring company providing people who sell an annuity with a viable option to get out of a long investment underneath. This option should only be used in serious circumstances.
WHAT IS THE DIFFERENCE BETWEEN ANNUITY AND STRUCTURED SETTLEMENT?
It's tempting to put annuities and structured settlements in the same category. After all, they have quite a few similarities, including regular payments over a set period of time. However, they are actually very different, and the way the federal and state laws that handle these two financial products are also very different. What is the difference between an annuity and a structured settlement? Let's take a closer look.
A LOOK AT STRUCTURED SETTLEMENT
Structured settlements are exactly what they sound like. These are generally the result of a lawsuit involving personal injury or liability, and represent an acknowledgment in favor of the plaintiff. The defendant has been found guilty or has accepted guilt in lieu of going to trial, and the award amount has been converted from a lump sum into a series of payments over time. They are called deferred payments.
A LOOK AT ANNUITIES
The difference between an annuity and a structured settlement is that annuities are generally the financial tools available through insurance or investment companies. Lottery prizes often fall into this category as well, if the person has opted for the annuity option rather than the cash sum. An annuity is an investment in which the investor makes a profit in addition to the original investment amount, and may have different beneficiaries. There are a wide range of types of annuities.
WHAT YOU NEED TO KNOW
As you can see, the difference between an annuity and a liquidation is very important when you really want to delve into the subject. How does this affect the owner of the annuity or structured settlement?
A large part of how you are affected will be determined by where you live and what state laws apply to the sale of your product. In most cases, states do not allow the sale of structured settlements, but annuities are sometimes a different matter. The law can be very complex when it comes to selling these types of financial tools, and you need an expert to help you navigate these murky waters.
Perhaps the best advice for anyone considering an annuity sale or structured settlement is to work with a trusted agent who understands the law. The broker must be an accredited member of the BBB, and must have a long history of offering robust solutions for clients and helping them get the best deal for their settlement or annuity.
WHAT IS A STRUCTURED SETTLEMENT ANNUITY?
A structured annuity settlement is a financial vehicle that includes periodic payments, provided that the plaintiff in a personal injury liability lawsuit replaces a cash payment settlement. This type of financial tool can only be configured with a licensed settlement planner. (Settlement Quotes does not create these insurance products.)
A structured settlement is set up by purchasing an annuity through a life insurance company such as Metlife or Monumental Life Insurance Company. This annuity can be a monthly, semi-annual, annual or lifetime payment from the claimant. These periodic payments are tax-free and are a great source of fixed income for an individual after a personal injury liability case.
Many people wonder if they can receive a one-time cash payment after they start receiving their structured settlement annuity payments. The answer is no, you cannot go back to a cash settlement for the total. You do have options however. Settlement Quotes provides services to people in this situation. We will offer you a sum of cash for your structured settlement from other companies.
This is not always the best option for many people. A discount rate will be applied to your structured settlement to calculate your present value of your structured annuity to calculate your cash settlement. Due to the time value of money, you will only receive a partial amount in the lump sum. After a court approval process the lump sum payment will remain tax free.
Quotes Settlement only recommends using this inexpensive option if you have other financial assets that can provide financial support for your family. Many people pay off their debts, send their kids to college, or make a down payment on a house with the money they receive from the factored structured settlement.
There are many benefits to keeping your settlement structured. Quotes Settlement recommends seeking the advice of a financial professional before factoring payments through a structured settlement factoring company. A structured settlement can be used as a source of income when it comes to applying for a loan. This option must be tried first before attempting to receive a one-time payment.
SHOULD I SELL MY ANNUITY?
If unforeseen circumstances have caused a financial crisis for you and your family and you need a cash flow, selling your annuity or settlement payment may be the solution to your problems. Those who cannot meet their mortgage payments or have unexpected medical expenses should examine all their options. It is important to protect other assets or sources of income, so you need to calculate the potential risks and benefits. If selling the annuity is the best way out of financial difficulties, there is help for you to get the best price.
When multiple companies or investors compete to buy annuity payment rights, you have a better chance of getting the best price. If you simply approach a company, they will give you a take it or leave it price and you may not know if you are getting the best deal. In this particular industry, many companies use tactics like low-ball in the hope that they will accept their minimum offer which in turn will maximize their profits. Using an exchange such as Settlement Quotes LLC helps eliminate this type of tactic and will help you get the best price for your future structured settlement payment rights.
The first thing to do is find out the potential value of your annuity. This will give you the information you need to decide if it's worth the sale and, if so, what is considered a good price. Settlement Quotes Agreement provides calculators that can help you determine the value of your annuity. Once you have found the value of your future payments it is time to decide if it may be a better option rather than cashing your annuity. Other options may include:
bank loan
borrowing money from friends or family
sale of other assets
check with local Credit Unions
If you are wondering, should I sell my annuity, consider your other assets. If selling the annuity can save your home, avoiding excessive indebtedness or paying medical bills or education will be worth it. With rates at historic lows, the cost of taking advantage of a structured settlement or annuity is much cheaper now than it has ever been, and possibly never will be. There may be better options so it is always best to consult with an attorney or financial advisor before making any final decisions.
10 Ways To Cut Your Health Care Costs
If you haven't already received your company's health insurance renewal notice this year, bruce yourself. Average cost per employee scem certain to surge by more than 20 percent for the second year in a row.
Among Nations Business readers who responded to an August health care survey, nearly one-third reported health-insurance premium increases of 30 percent or more. Thirty-seven per cent reported increases ranging from 16 percent to 29 percent.
At that rate, the average cost of health insurance per employee will exceed $3,000 in 1990, up from $2748 in 1989, recording to A. Foster Higgins & Co., benefits consulting firm based in New York.
A recent, survey by Nobel Lowndes, in employee benefits firm in East Orange, NJ., found that 79 percent of senior executives believe health-care costs will continue to increase 20 percent or more each year for the next three years. These gloomy executives tre primed for the worst, knowing that costs have already gone up eightfold since 1970.
Moreover, business shouldn't count on Congress for a big fix. Although some lawmakers favor Canadian-tyle nationalized health-care system or mandated coverage for all workers, those legislators comprise . vocal minority that is better at capturing public attention than winning converts on Capitol Hill. In addition, both of those proposals focus on broadening coverage to the nation's 81 million to 37 million uninsured, not on controlling spending.
The message here is clear: If you haven't already gotten serious about cutting your company's health-insurance costs, now is the time. It can be done. Just ask Philip Leber, who slashed his small company's monthly premium from $10,000 to $2,500.
The first thing you should do is learn how the system works-or doesn't work. Most small employers spend few er than four hours a year thinking about their company health plans.
Learn what your options are. Your insurance agent can help you shop for cheaper plans. But don't stop there. Compare plan benefits, insufitncc-COMpany records and service guarantees.
Consider Blue Cross and Blue Shield plus and HMOs (health-maintenance organizations), even if your agent lireas offer clear advantages to small companies. Experts regard HMOs as the best buys in health care.
Find out if your company is eligible for new, low-cost health insurance plans now available in five states. In addition, foundation-funded pilot projects in several parts of the country are demonstrating that it is possible to eut health-coverage costs 30 to 10 percent.
In short, health insurance isn't as simple as it used to be. And the pace of change is accelerating, offering new hope for a truce in the business battle with exploding health-care costs.
The next couple of years present as much potential for change as at any time in the past 20 years," says Gail Wilensky. administrator of the federal Health Care Financing Administration, which ovence Medicare.
You can be part of that change by putting at least some of the following 10 idens to work for your company.
1. Increase Cost Sharing By Employees
This recommendation is at the top of every consultant's list. Small companies tend to pay for more of their workers' Local healthcare bill than large companies do. Yet research shows that insulating employees from the costs of care encourages unnecessary use of health services.
Fifty-two percent of the companies responding to the Nation' Business health survey said they pay 100 percent of their employees' health insurance premiums. But 45 percent said they intended to implement or increase employee contributions to these premiums. An equal number said they plan to increase employee deductibles.
Insurance companies first attached $100 deductibles to major-medical plans in the early 1950s. But 40 percent of employers still set deductibles at $100 or less.
Celtie Life Insurance Co., a small business health insurer based in Chicago, calculates that raising . $100 deductible to $250 would eut premium COKLS for single coverage by about 11 percent. A 3.500 deductible would cut costs by about one-fourth. A $1,000 deductible would save about one-third.
2. Allow Employees To Pay For Health Premiums With Tax Free Dollars
Set up a so-called flexible spending account, which allow your employees to pay their share of health insurance premiums and we reimbursed health-centre expenses with pretax dollars. A flexible spending account could save employees 20 cents to 35 cents on the dollar, because state and federal income taxes and Social Security taxes ?r? n?t imposed.
Moreover, the company saves by ducing the employees base salary on which it pays Social Security and other taxes.
Hire an outside payroll accounting firm to handle the paperwork. You can pay the service fee and still come out with a net savings, by Dan Brown, 1 Silver Spring, Md., insurance broker The monthly administration fee would run between $2 and $5 per employee.
3. Transfer HighRisk Employees To The State's High-Risk Pool
Insurance premium sonr' whenev. er someone in a small-group planbecomes very ill with cancer or heart disease, for exam. ple. As an employer, you should explore the possibility of moving employees with serious health problems into 1 state high-risk pool and then negotiating a lower premium for the healthy members of your group.
Twenty-four states have high-risk pools for people whom insurance earners don't want to cover, although some of these pools are not yet operational, Risk-pool insurance generally sells for 150 percent of the typical individual premium. The insurance is comparable to that offered by i standard munjon: medien health policy.
Rules governing coverage differ from state to state. For example, some states won't allow employers to move high-risk individuals into the pool if only the uninsured are admitted. Other states encourage it. Some state pools have waiting lists.
Call your state insurance commissioner's office for details if you live in one of the following states: California, Colorado, Connecticut, Florida, Geor gin, Illinois, Indiana, Iow, Louisiana, Maine, Minnesota Missouri Montana. Nebraska, New Mexico, North Dakota, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming.
4. Switch To An OpenEnrollment Blue Cross And Blue Shield Plan
Blue Cross and Blue Shield plans operate as de facto high-risk pools in a number of states by providing open enrollment periods during which any group can buy insurance. Among the 74 Blue Cross and Blue Shield organizations nationwide, 21 offer open enrollment.
Open-enrollment plans are better than state risk pools because Blue Cross offers coverage at substantially less cost than the rates charged by state pools," says Greg Scandlen, director of states services research for the Blue Cross and Blue Shield Association in Washington, D.C.
Employers who buy open-enrollment plans are insulated from the premium spikes they can experience with other insurers once someone in the group becomes very ill. These plans une so-called community rating to calculate premium increases. All companies buying one of these policies are in the same risk pool, and all pay the same rates.
All the Blues once tried community rating to set premium levels. But that began to change in the 1960s when commercial insurers started to lure away firms with low risks by offering them cheaper health insurance. The Blues in: increasingly found themselves writing policies for groups with above-average health claims. As a result, premiums went up. And most Blues today use the same health screening and rating practices used by commercial insurers.
Five of the open-enrollment plans limit applications for insurance to speeifle periods during the year. Some will tazke groups no smaller than 10 employees. For details, contact Blue Cross pilates in Alabama, Maryland, Massachusetts, Michigan, the National Capital Arel (Washington, D.C.). New Hampshire, New Jersey, New York (six different plans), North Carolina, Pennsylvania four different plans), Rhode Island, Vermont, and Virginia.
5. Replace Your Traditional Health Plan With An HMO
Unlike traditional health insurance, HMOs cover all medical needs, in eluding routine preventive care, for a flat monthly fee that typically is less expensive than traditional health insurance. Moreover, two types of HMOs, the staff and the group models, have proven to be more effective at controlling costs than any other form of health-care delivery. Staff models employ physicians directly and put them on salary. With group models, the HMO contracts with a multispecialty group practice and caps payments for services.
Look for an HMO that operates in Accordance with voluntary federal standards, 50-called federally qualified HMOs. These HMOs are barred from refusing health coverage based on medical screening. Their premium rate increases are tied to the experience of everyone in the HMO, which protects a company from sharp increases based on heavy claims from a few of its employees. There are 307 federally qualified HMOs covering more than three fourths of all persons enrolled in HMOS tuationwide.
The catch with an HMO is that those who are covered have to use the HMO's doctor and the hospitals that it designates. Those unwilling to surrender their freedom of choice can go for an "open-ended" HMO, & new hybrid that will allow the insured to see doctors outside the HMO if the covered person is willing to pay out-of-pocket deductibles and coinsurance. Enrollment in open-ended HMOs jumped 39 percent in 1989.
Because HMOs typically can't afford to market to small companies, start your search in the Yellow Pages.
6. If An HMO Is Dut, Shop For A Traditional Plan With Managed Care Or A PPO
Switching to a mannered-care health plan with built-in restraints on the use of health services should cut your costs by 5 to 10 percent.
The context health insurance you can buy is a traditional indemnity plan. Under such a plan, employees choose their physicians. Insurers, acting as a passive pass-through mechanism, reimburse doctors and hospitals on li fee for service basis. They also increase employer premiums as necessary to keep pate with rising costs. Many experts predict that traditional indemnity health insurance will be replaced by mariage-care indemnity plans by the mid-1990s. Mina ged-eare plans attempt to hold down costs by placing controls on the use of medical services.
Most insurance carriers already aller variety of managed-care features as additions to traditional indemnity plans. They include prior approval for elective hospital admissions, second opinions for surgery, utilization review, case management, and discharge planning.
A number of insurers also offer preferred-provider organizations (PPOs), which also may be organized by hospitals or sponsored by large employers. PPOs are groups of doctors who have agreed to discount their fees, usually by about 10 percent to 20 percent. By definition, PPOs build in managed-care fenturen to hold down expenses. To encourage use of PPO doctors, employees pay only a small fee of $5 to $10 per office visit. Employees my use doctors outside the PPO, but out-of-pocket expenses rise sharply with the addition of deductibles and coinsurance.
7. Purchase Your Health Insurance Through A Business Group Or Coalition
Individual small employers have little or no lever age in buying health insurance, but when a number of small employers band together to purchase insurance they can wield real clout in the market.
The Small Business Service Bureau, an association based in Worcester, Mass.. arranges group insurance through HMOs and Blue Cross organizations for 35,000 small businesses most with fewer than 10 employees, across the country. We negotiate the terms of the benefits, and we have trained staff members who explain the options to small-business owners," says Lisa M. Carroll, health-services director.
Fred Rohm, president of the New Castle County Chamber of Commerce, in Newark, Del, manages a group-purchasing arrangement for seall employers in his area. Premiums for 350 small employers covered by the chamber's indemnity plan went up only 1 percent this year.
The chamber in San Francisco launched a group-purchasing arrangement in March. It lets small employers in the Bay Arel choose an indemnity plan, an HMO, or a PPO, Ask your local chamber or business association about group purchasing.
But we caution in signing up. Some insurance agents and many business trade associations offer group-purchase. ing plans known as multiple employer trusts (METS), "METS were everybody's answer to the problem of rising costs several years ago," says David Helms, president of the Alpha Center, health policy and planning center in Washington, D.C. But METR in general have not lived up to their cost cutting expectations, primarily because insurers lure away low risk groups with rock bottom rates, says Helms. This leaves the MET with higher-risk groups, which erodes its ability to negotiate low rates. Make sure the MET you choose is backed by an insurance company. Self-insured METS—those not backed by an insurer have experienced high failure rates.
8. Purchase One Of The No-Frills Insurance Plans Now Available in Five States
Virginia, Missouri, Florida, Illinois, and Washington this year exempted small firms from regulations requiring them to provide certain types of health coverage. Typical mandates cover chiropractors, well-baby care, dental checkups, and treatment for alcohol and drug abuse. Some states require coverage for more exotie procedures, such as in vitro fertilization and acupuncture. By exempting small firms from such mandates, Insurers may offer no-frills plans with premiums costing 20 to 10 percent less.
"To prevent employers from canceling existing insurance, some states restrict the new. lower cont plans to companies that have been without insurance for at least a year. Call your state insurance commissioner for details. More states are expected to remove mandates for small companies next year.
9. Determine if You Are Eligible For One Of The Low-Cost Pilot Projects Operating In 10 States
Pilot projects funded by the Robert Wood Johnson Foundation of Princeton, NJ have helped nearly 2,000 small businesses in 10 states purchase health insurance at sayings of 30 percent to 40 percent. The projects were designed to attract small unit: sured companies. Although these projects typically exclude firms that have offered group insurance within the past year, there are two notable exceptions-in Florida and Colorado.
The Florida Small Business Health Access Corp. in Tampu accepts firms that have gone uninsured for only six months. The corporation currently provides health services to 560 small businesses covering 2,856 individuals. It uses state funds to subsidize marketing and administration. That lowers the cost of premiums employers pay to enroll their workers in a local HMO, A 35 yer old adult male pays $75.52 a month for the standard option plan; family coverage is $198.96.
Eighty percent of the companies enrolled have three or fewer employees. says Rod Sailors, the corporation's director. The legislature more than doubled the plan's subsidy this year to $4.7 million permitting it to expand into 11 rural counties by next June.
In Denver, the Shared Cost Option for Private Employers (SCOPE) accepta small companies seeking to switch to s lower-cost health plan, as well as those currently uninsured. SCOPE, in operation less than a year, is providing health Insurance to 171 companies covering 4,296 individuals.
SCOPE's health plan is the only project funded by the Robert Wood John son Foundation that operates without a government subsidy. It cuts premium costs by requiring relatively high deductibles and coinsurance (the percentage of costs not covered by insurance) and by relying on a select group of doctors and hospitals. Routine visits to a doctor's office require a $15 payment. Hospital admissions require an individual to pay a $250 deductible plus half of the first $5,000 in charges. But the plan also covers a wide array of preventive Care at no charge.
The high enst-sharing with employees allows U.S. Life Insurance Co., the Neptune, NJ.. insurer offering the plan to keep rates low. A single 31+ year-old male pays $18.91 n month: family coverage is $148.47. "In the first five weeks of the plan]. 8,000 businesses called for information," says Judith Glacner, SCOPE's director.
Other Robert Wood Johnson Foundation health-care pilot projects are those operating statewide in Michigan, Tennessee, Utah, Washington and Wisconsin as well as those in Tucson, Ariz Brunswick, Maine and San Francisco.
10. Seek Out New, Low-Cost Plans Offered By Some Insurers
The low-cost health-insurance plan offered by U.S. Life Insurance through the SCOPE program in Denver already has inspired similar plans, says David Dunn, a senior vice president of U.S. Life. Just because of SCOPE, most of the carriers in Denver have tried to design similar products to appeal to the same market," says Dunn.
He has encouraged other insurers to copy the plan and offer it elsewhere. A number have shown some interest in doing so. Blue Cross and Blue Shield organizations also have launched a number of low-cost plans designed for small companies and the uninsured. Blue Cross of Tennessee offers a comprehensive, nongroup program called Impact, for employers with four or fewer workers. Premiums for individuals start as low 18 $28.13 a month.
Blue Cross and Blue Shield of Oregon offers a PPO for small groups. Premiums ire about one-third less than those of regular Blue Cross plans. there are, of course, other ways to eat health-care costs. The additional options that follow are common among midsized and larger companies yet are within the reach of many small firme:
- Start a wellness program that promotes healthful behavior. By some estimates, about one-half of nll health problems are related to lifestyle choices such as smoking and neglecting to get ?r???r ?x?r????.
Explore the feasibility of using a mail-order prescription drug program if you have employees who need large quantities of high-cost maintenance dngs, Mail-order pharmacies do a high volume business and offer unit prices based on that volume. They are often more aggressive in providing lower cost generic drugs, which can be a cost saving in itself when appropriate.
Eliminate mental health and drug dependency care from your health plan, and contract for this coverage separately, using a quality managed-care company that specializes in these services. This strategy can save you 10 to 40 percent of your health-care costs. Mental-health and drug-dependency care are the fastest growing segments of medical plans today. Experts say that much of the treatment now provided is inadequate or unnecessary.
- Offer a cafeteria-style benefits plan. Cafeteria plans allow employees to tailor their benefits to their individal needs, and they also enable employers to establish limits on company contributions.
For small companies, the frontier in health-care cost management lies in direct contracting with doctors and hospitals. Fred Rohm, of the New Castle County Chamber of Commerce, is eager to test how well this works. Although his plans are still in the formative stage, Rohim knows what he wants:
health center staffed with salaried doctors who would provide basic services to employees and dependents of hundreds of small companies in his area. Patients would receive routine care at the center, including X-rays and laboratory tests. As necessary, the staff doctors would channel patients to outside specialists who would work for discounted fees. Hospital treatment would be paid according to a set fee schedule reflecting significant reductions from sual charges.
I think we can sell the plan if we can price it at 360 to $75 per month per individual," says Rohm. That's about 40 percent to 50 percent less than the typical health-insurance plan.
Rohm is negotiating with JSA Health Care Corp. of Columbia, Md, to set up the proposed health center. JSA is one of a handful of companies nationwide breaking into the business of setting up health centers with company doctors for corporate clients.
Joseph L. Falkson, JSA's director of primary health, says the company currently runs seven similar health centers for dependents of US military personnel, and those centers have succeeded in holding down costs. We have calculated that between 1986 and 1989, we had 1 million patient visits at the centers," he says. "Our estimate is that we saved the military $40 million over what it would have spent if our patients had been purchasing typical fee-for-service medical care."
Company health centers represent just one approach for solving the health-care problems faced by American business. Clearly, there is no one solution best for all, but there are many small ways in which individual companies, business groups, insurers, and government can chip away at the problems today while contributing to a lasting solution for the future.
Time will tell whether any of the recent innovations in health-care delivery will lend the way out of the current Crisis. But workable solutions need to be developed sooner rather than later. The nation's employer-based health-insurance system can't take too many more years of 20 percent price increases.
A single payment (lump sum) Periodic payments, in which premiums are paid in installments over a period of time.
Annuities can also be classified according to when income payments from the annuity begin.
Immediate Annuity
An immediate annuity is one that is purchased with a single lump sum payment and provides income payments that start within one year from the date of purchase.
Deferred Annuity
A deferred annuity is an annuity in which the income payments begin sometime after the first year. Deferred annuities can be funded either with a single lump sum or through periodic payments.
Annuity Payout Options
Annuity payout options specify how annuity funds are to be paid out. They are very similar to the structured settlements annuities options used in life insurance and determine how the policy proceeds are distributed to the beneficiaries.
Straight Life Income Option
The Straight Life Payout Option, also known as Pure Life, will pay a specific amount for the remainder of the annuitant's life. This option provides highest monthly benefit for an individual annuity. Although the annuity payments are guaranteed for the lifetime of the annuitant there is no guarantee that all the proceeds will be full fully paid out, because the payments stop after the annuitant's death.
Life With Period Certain
Life with Period Certain is anotherr annuity payout that is contingent on the annuitant dying. Under this option the annuity payments are guaranteed for the entire lifetime of the annuitant and for a specified period of time to the beneficiary.
Fixed Annuities
Fixed Annuities provide a fixed guaranteed payout. Payments that do not vary from one payment to another and guaranteed minimum rate of interest.
Variable Annuities
A variable annuity serves as a hedge against inflation, and is variable because there is not a guarantee of payout. Payments can vary from one payment to another, and there is not a set rate of interest. A variable annuity is considered a security and is regulated by the Securities and Exchange Commission (SEC). An agent selling annuity must also have a securities license in addition to their Life Insurance License.
Accumulation Units
As variable annuity premiums are invested and begin to grow this is known as the accumulation of units.
Annuity Units
Annuity units is the payout phase of the Variable Annuity.
Variable Annuities
A variable annuity is considered a security and is regulated by the Securities and Exchange Commission (SEC). An agent selling annuity must also have a securities license in addition to their Life Insurance License.
Accumulation Units
As variable annuity premmiums are invested and begin to grow this is known as the accumulation of units.
Annuity Taxes
A portion of each annuity benefit payment is taxable and a portion is not. The portion that is nontaxable is the anticipated return of the principal paid in. This is known as the Cost Base. The portion that is taxable is the interest earned on the principal. This is known as the Tax Base.
See also finance and business knowledge
What Is a Structured Settlement Annuity
A structured annuity settlement is a financial vehicle that includes periodic payments, provided that the plaintiff in a personal injury liability lawsuit replaces a cash payment settlement. This type of financial tool can only be configured with a licensed settlement planner. (Settlement Quotes does not create these insurance products.)
A structured settlement is set up by purchasing an annuity through a life insurance company such as Metlife or Monumental Life Insurance Company. This annuity can be a monthly, semi-annual, annual or lifetime payment from the claimant. These periodic payments are tax-free and are a great source of fixed income for an individual after a personal injury liability case.
Many people wonder if they can receive a one-time cash payment after they start receiving their structured settlement annuity payments. The answer is no, you cannot go back to a cash settlement for the total. You do have options however. Settlement Quotes provides services to people in this situation. We will offer you a sum of cash for your structured settlement from other companies.
This is not always the best option for many people. A discount rate will be applied to your structured settlement to calculate your present value of your structured annuity to calculate your cash settlement. Due to the time value of money, you will only receive a partial amount in the lump sum. After a court approval process the lump sum payment will remain tax free.
Quotes Settlement only recommends using this inexpensive option if you have other financial assets that can provide financial support for your family. Many people pay off their debts, send their kids to college, or make a down payment on a house with the money they receive from the factored structured settlement.
There are many benefits to keeping your settlement structured. Quotes Settlement recommends seeking the advice of a financial professional before factoring payments through a structured settlement factoring company. A structured settlement can be used as a source of income when it comes to applying for a loan. This option must be tried first before attempting to receive a one-time payment.
Frequently Asked Questions
Structured Settlement Quotes is dedicated to providing you with the information you need to make an informed decision about the sale of your structured settlement or annuity payments. The following is a list of the most frequently asked questions, followed by detailed answers from our learning center organized by topic:
About Settlement Quotes
What makes Settlement Quotes services unique in the market?
For what types of payments does Structured Settlement Quotes provide price quotes service?
About Selling Your Annual Structured Settlement
What is an annual structured settlement?
Is it legal to sell your structured settlement payments?
What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?
Can only some of your structured settlement payments be sold or do you have to sell all of them?
What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?
Do you have to pay taxes on the money received from the sale of your structured settlement payments?
What if you are in bankruptcy and have not yet been discharged?
The sale and transaction with a financier are risk free?
If you are a minor, can you sell your structured settlement payments?
Is It Legally Allowed To Sell Workers' Compensation Payments?
About the Bidding Process
How do you start the bidding process to receive quotes from our certified sponsors?
How long will it be until you receive the quotes?
How many quotes do you receive from Settlement Quotes?
Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?
Are you obliged to sell if you only request a quote?
How long do you have to accept an offer?
What if you accept an offer and then decide you want to cancel?
When do you find out which certified finance company gave the highest quote?
About the selling process and getting your money
Once you accept an offer, what are the steps to follow to complete the sale transaction and how long does it take to receive payment?
If the sale transaction is not completed for any reason, will you still receive your payments as usual?
About Settlement Quotes
What makes Settlement Quotes services unique in the market?
Settlement Quotes is a market leader in providing the industry for buying and selling structured settlement payments and other annuities in every state.
Settlement Quotes brings together, settlement buyers (Certified funders) to compete for their payments.
If you decide to sell, you have the peace of mind of knowing that the selected Certified Financier is one of the most experienced and respected in the industry to complete the sale and get your money in the shortest time allowed by law.
For what types of payments does Structured Settlement Quotes provide a quote service?
Settlement Quotes provides structured settlement quotes and other insurance annuity payments. Specifically, we can quote the payments you receive:
From an insurance company
As a result of a lawsuit or insurance settlement
Payments of any guarantee or life contingencies
Not as a result of a workers' compensation claim
We DO NOT offer quotes on:
Workers' compensation payments
Payments for a minor
Pensions
Social security payments
TIAA CREF payments
Mortgages
Pre-settlement cases
Settlement of travel expenses
VA disability or pension
Other disability payments
About Selling Your Structured Settlement Annuity
What is a structured settlement annuity?
A structured settlement annuity is a contract issued by an insurance company to finance the payment of personal injury compensation over a period of time. It is sometimes referred to as an insurance allowance.
In the event of your death, your beneficiary is guaranteed a tax-free payment or series of payments over a fixed period of time.
Most structured settlements are the result of a lawsuit, with payments resulting from a legal action.
Is it legal to sell your structured settlement payments?
Yes. You can sell your structured settlement or insurance settlement payments.
Most states have a structured Settlement Protection Act. These laws allow you to sell your payments if the following requirements are met:
Full information should be given on the financial terms of your sale.
You have a "cooling off period" after signing the documents you can change your mind and cancel the sale.
You must be informed in writing to request independent professional advice regarding your sale. In some states, you can choose to waive the tips.
The hearing takes place before a judge who considers your case and decides whether or not to approve the sale. The judge will examine your financial situation, what you want to do with the money, and whether it is in your best interest to sell payments.
The judge must issue a court order approving the sale.
What if your structured settlement agreement or annuity policy contains an anti-sale or non-transferable clause?
An anti-transfer clause or anti-sale language does not prevent you from selling your payments.
Some structured settlement agreements or annuity policies contain anti-sale or non-transfer clauses such as:
"None of the periodic payments can be advanced, deferred, increased or decreased, they cannot be anticipated, sold, assigned or encumbered."
Since you must obtain a court order approving the sale of your payments, a judge will review and evaluate your case.
The judges have the power to approve the sale, even if the no-sell clause appears in the structured settlement agreement or structured settlement annuity policy which tries to prevent you from selling your payments.
Can only some of your structured settlement payments be sold or do you have to sell all of them?
You can sell part or all of your payments.
You can create more than one online file with different payment combinations and get more than one set of price quotes in order to better meet your financial needs.
If you only sell some of your payments, your insurance company will continue to pay the payments you still have on time and in good time.
What if you have sold some of your structured settlement payments in the past? Can more payments be sold now to registered Certified Structured Settlement Quotes funders?
Yes. If you have sold some of your structured settlement payments in the past, you can sell the remaining payments that you are still a beneficiary of.
Do you want to know how much your payments are worth? Get a guaranteed price offer set for your payments in less than 24 hours.
Do you have to pay taxes on the money received from the sale of your structured settlement payments?
The money you receive from the sale of your structured settlement payments will have the same tax treatment as the payments you receive from your structured settlement annuity.
If you receive your payments tax free then the money you receive from the sale of your payments will also be tax free.
In most cases, structured settlement annuity payments are tax-free because your pension was established to qualify for tax-free treatment under section 130 of the Internal Revenue Code.
The US Federal Government has taken several steps to ensure that payments received for personal injury damages are tax-free.
Section 104 (a) (2) of the Internal Revenue Code confirms that damages received from personal injury or illness are not considered income and are not taxable.
In 2002, a federal law was passed to protect beneficiaries in the sale of their structured settlement payments. As a result, Section 5891 was introduced into the Internal Revenue Code.
Section 5891 requires that the sale of structured settlement payments be approved by a court in accordance with applicable state law.
Please note that this information is provided as a courtesy only, and does not constitute legal advice. You should seek legal or professional counsel to deal with your specific circumstances.
What if you are in bankruptcy and have not yet been discharged?
We can quote your payments, even if you are in bankruptcy and have not yet been discharged.
If you are in bankruptcy, you will need to notify us before your case is quoted so that we can speak with your bankruptcy administrator or legal representative to obtain additional information.
Our certified funders reserve the right to deduct a commission for additional work in processing cases that have not yet been discharged from bankruptcy.
The sale and transaction with a financier are risk free?
You do not waive any rights in the sale of a structured settlement until the transaction is completed and you have received the full sale price. Furthermore, your case is protected by the court and a judge's order that forces the financing company to carry out its obligations. You are fully protected.
If you are a minor, can you sell your structured settlement payments?
Settlement Quotes does not offer quotes to underage beneficiaries as they have no legal capacity to sell their payments without the intervention of a litigation or a guardian.
Is It Legally Allowed To Sell Workers' Compensation Payments?
It is not legal for you to sell structured settlement annuities that arise from workers' compensation claims. You must keep the annuity until all payments have been completed.
About the Bidding Process
How do you start the bidding process to receive quotes from our certified sponsors?
To start the bidding process,
1- Go to the form above and enter the amounts of the payments, the date and the insurance company. You can enter as many cases as you like with different payment combinations to get the amount of money that best suits your financial needs.
OR
2- Contact one of our customer service specialists at 1-888-562-1268 and he or she can help you enter the information necessary for our certified financiers to start bidding and competing to buy your payments. Once the offers are received, one of our customer service specialists will contact you to review your case.
How long will it be until you receive the quotes?
We are usually able to get back to you within a few hours (up to a maximum of 24) with the company offering to buy your annuity. You can receive all or some of your quotes, in just 1 hour.
How many quotes do you receive from Settlement Quotes?
We are going to share with you the top quotes we receive from our certified sponsors. The number of citations we receive will depend on the number of certified funding participants at the time your case is entered on the Settlement Quotes website.
Each of the quotes you receive is a guaranteed offer to buy your structured settlement payments?
Yes. The price quotes received are guaranteed offers to purchase your structured settlement payments.
We guarantee:
1- You will get a higher price from each of our Certified Financiers in advance, without problems.
2- You will receive your guaranteed quote quickly --- in less than 24 hours and, often, in the shortest time of 2 hours.
3- Each quote constitutes an offer to purchase your annuity payments that remains open for acceptance for 24 hours after publication in order to provide time to decide. If you do not accept the offer within 24 hours from the date of registration, the offer is frozen and may remain valid or may be revoked or modified at the discretion of the respective certified financier on a case by case basis. It is recommended to contact Settlement Quotes at 1-888-562-1268 to confirm the availability of these types of offers, if the 24-hour period has already expired.
Are you obliged to sell if you only request a quote?
No. There is no obligation to accept an offer to purchase. You may decide that you do not want to sell your annuity in which case we will close the file until further notice from you.
How long do you have to accept an offer?
Each offer provided by our certified partners is open for acceptance for a period of 24 hours after publication. To accept, simply contact us by phone at 1-888-562-1268 and notify one of our customer service specialists that you accept the offer and wish to continue your sale.
What if you accept an offer and then decide you want to cancel?
You should not indicate acceptance of the offer until you are sure you want to proceed with the sale. However, even if you accept and receive sales documents, there is usually a "cool down" in which you can change your mind and cancel the transaction. The reflection time period is clearly stated either in the sales compliance certificate or in the Assignment Agreement that you receive as part of the sales documentation.
When do you find out which certified finance company gave the highest quote?
You will be notified by email or phone of the successful Certified Funder immediately upon acceptance of an offer to purchase. You can rest assured that each Funding Entity is examined by Settlement Quotes and certified to be reliable, trustworthy and competent to complete your transfer and get your money in the shortest time allowed by law.
About the selling process and getting your money
Once you accept an offer, what are the steps to follow to complete the sale operation and how long does it take to receive payment
At Settlement Quotes we understand that your financial goals depend on completing your sales transaction and getting paid in the shortest time allowed by law.
Once you have accepted an offer and confirm that you wish to proceed with the sale to the winning Certified Funder, the sale process immediately begins as follows:
1- First call at 2 hours. You will receive a call from a customer service expert on behalf of the certified finance company within 2 hours of acceptance. At that time, our expert will inform you that Financial Certificated was the successful bidder and will provide you with the contact information.
2- Legal documents in 24 hours. You will receive the legal documents from the Certified Financier within 24 hours. A Notary Public will wait for you at your home or other convenient location to review the sale documents with you, answer any questions you may have, and sign the sale.
3- Process in court within 30 days. Our Certified Financier will complete the court process as soon as legally permitted. This could take about 30 days, depending on the state.
4- Immediate access to your money. You will get your money directly by bank transfer into an account of your choice immediately after completing the legal process.
5- The expected time from price quotation to financing and the entire transfer process can take about 6 weeks, depending on the state in which you reside.
If the sale transaction is not completed for any reason, will you still receive your payments as usual?
Our certified funder will process the sale transaction of your structured settlement, at no cost to you.
In the unlikely event that your sale is not completed for any reason:
1- Neither Settlement Quotes nor the corresponding certified funder will charge you any fees or penalties. This promise will be recorded in writing in the sales documentation that you receive.
2- You will have the right to receive all the payments of the annuity that you had agreed to sell as they mature.
3- Your insurance company will continue to pay all future payments as if it had never entered into a sales transaction.
You will have no future obligation to Settlement Quotes or the applicable certified funder.
see also finance and business knowledge
Banking Explained Money and Credit
The international banking system is an enigma. There are more than 30.000 different banks world wide, and they hold unbelievable amounts of assets. The top 10 banks alone account for roughly 25 trillion US-Dollars. Today, banking can seem very complex, but originally, the idea was to make life simpler. 11th century Italy was the centre of European trading. Merchants from all over the continent met to trade their goods, but there was one problem: too many currencies in circulation.
In Pisa, merchants had to deal with seven different types of coins and had to exchange their money constantly. This exchange business, which commonly took place outdoors benches, is where we get the word "bank" from; from the word "banco", Italian for "bench". The dangers of travelling, counterfeit money and the difficulty of getting a loan got people thinking. It was time for a new business model: home brokers started to give credit to businessmen, while genevese merchants developed cashless payments.
Networks of banks spread all over Europe, handing out credit even to the church, or European kings. What about today ? In a nutshell, banks are in the risk management business. This is a simplified version of the way it works. People keep their money in banks and receive a small amout of interest. The bank takes this money, and lends it out at much higher interest rates. It's a calculated risk, because some of the lenders will default on their credit.
This process is essential for our economic system, because it provides ressources for people to buy things like houses, or for industries to expand their businesses and grow. So banks take funds that are unused by savers, and turn them into funds society can use to do stuff. Other sources of income for banks include accepting saving deposits, the credit card business, buying and selling currencies, custodian business and cash management services. The main problem with banks nowadays is, that a lot of them have abandoned their traditional role as providers of long-time financial products, in favour of short-time gains that carry much higher risks.
During the financial boom, most major banks adopted financial constructs that were barely comprehensable and did their own trading in habit to make fast money, and earn their executives and traders millions in bonuses. This was nothing short of gambling and damaged whole economies and societies. Like back in 2008, when banks like Leeman Brothers gave credit to basically anyone who wanted to buy a house, and thereby put the bank in an extremely dangerous risk position. This led to the collapse of the housing market in the US and parts of Europe, causing stock prices to plummet, which eventually led to a global banking crisis, and one of the largest financial crises in history.
Hundreds of billions of dollars just evaporated. Millions of people lost their jobs and lots of money. Most of the world's major banks had to pay billions in fines and bankers became some of the least trusted professionals. The US government and the European Union had to put together huge bailout packages to purchase bad assets and stop the banks from going bankrupt. New regulations were put into force to govern the banking business, compulsary bank emergency funds were enforced to absorb shocks in the event of another financial crisis. But other pieces of tough new legislation were successfully blocked by the banking lobby
Today, other models of providing financing are gaining ground fast. Like new investment banks, that charge a yearly fee and do not get commissions on sales, thus providing the motivation to act in the motivation in the best interests of their clients. or credit unions - cooperative initiatives that were established in the 19th century to circumvent credit sharks. In a nutshell, they provide the same financial services as banks, but focus on shared value rather than profit maximisation. The self proclaimed goal is to help members create opportunities like starting small businesses, expanding farms or building family homes while investing back into communities.
They are controlled by their members, who also elect the board of directors democratically. World wide, credit union systems vary significantly, ranging from a handfull of members to organisations with several billion US-Dollars and hundreds of thousands of members. The focus on benefits for their members impacts the risk credit unions are willing to take, which explains why credit unions, although also hurting, survived the last financial crisis way better than traditional banks. Not to forget the explosion of crowdfunding in recent years. Aside from making awesome video games possible, platforms arosed that enabled people to get loans from large groups of small investors, circumventing the bank as a middle man.
But it also works for industry - lots of new technology companies started out on kickstarter or indiegogo. The funding individual gets the satisfaction of being part of a bigger thing, and can invest in ideas they believe in. While spreading the risk so widely, that, if the project fails, the damage is limited. And last but not least, micro credits. Lots of very small loans, mostly handed out in developping countries that help people escape poverty. People who were previously unable to get access to the money they needed to start a business, because they weren't deemed worth the time.
Nowadays, the granting of micro-credits has evolved into a multi-billion dollar business. So, banking might not be up your street, but the banks' role of providing funds to people and businesses is crucial for our society and has to be done. Who will do it and how it will be done in the future is up for us to decide, though.
Benefits Behind an Annuity or Structured Settlement
Structured settlement FAQ
Structured Settlement and Annuity settlements are designed to provide a steady stream of income over a long period of time. If bad investments are made with a lump sum settlement, then they can vary in a few years of your life.
One of the advantages of receiving a structured settlement over a lump sum settlement is that a steady stream of income is divided for you over an extended period over several years.
A structured settlement is tax-free through the federal and state levels during its pay periods, but a lump sum of money invested is not tax-free.
As stated before, some bad investments could mean that a lump sum settlement won't last a lifetime.
A million dollars in an account seems like it could last forever, but after medical bills and living expenses this lump sum settlement can't last nearly as long as an annuity or structured settlement would.
The second advantage of a structured settlement is the vulture factor. Many people take advantage of older people who have a sum of cash. A lump sum settlement can be dangerous if the necessary precautions are not taken to protect a loved one. With a structured settlement this factor will not come into play. A fixed income will provide a worry-free environment for the individual receiving periodic payments.
The third benefit of a structured settlement is the expense to the defendant. Many defendants will settle out of court to avoid the big lawyer fees usually created by an ongoing legal battle. The argument is that the defendant could win the case. This is true, but the defendant could also back out much further than if they just settled out of court with a structured annuity.
The benefits of a structured settlement that were listed above are not the only ones. This article is intended to describe the important facts of a structured settlement.
Structured Settlement Quotes does not create structured settlements. We are a structured settlement exchange company. Financial times change for different people at different times, we offer a service of collecting a structured settlement, offering a one-time payment in exchange for those future payments. There are many reasons to use this option, but it is not recommended by Settlement Quotes to use this financial path if it is not needed.
FOR TO ASK FOR A REFUND CASH MONEY ANNUITY NOW?
For most people, the option of taking an annuity payment seems to make a lot of sense. Whether the income is from lottery prizes or a life insurance policy, it offers long-term financial security, and stability, right? At least, that is the theory. By assuming annuity payments, you are guaranteed to receive a certain amount of income for a certain period of time, allowing you to plan ahead and not have to worry about being without income. However, life has a way of turning things around, and annuity payments don't always work out the way you anticipate.
Stacking Accounts
Why collect a cash annuity? Many people find that one of the reasons they need this money is to be able to pay the amount of the bills - medical or otherwise. A medical problem can wreak havoc on your finances, and while annuity payments will help pay your bills over time, they cannot meet your immediate need. This is particularly true in situations where you have lost your job and creditors are harassing you, or your mortgage company is threatening foreclosure. In these situations, annuity payments could be of great help.
Where to find help
The real question here is how to withdraw money from the annuity. What should you do? You cannot go to the bank and ask for money in advance. Technically, all the money that belongs to you is held by the debtor - and is officially his until he has to pay you, despite your annuity contract. However, you have other options. There are companies that can buy your annuity in exchange for a certain amount of money. This gives you access to almost all of your funds immediately, to use as you see fit. You can pay the bills, repair your house, repair your car (or get a new one), or put the money towards your children's education.
The problem is that not all buyers are the same. Different buyers will offer different amounts in exchange for your pension, and you should never close a deal with the first company to make you an offer. You need to make an informed decision and compare your options. This is where you enter a brokerage - with the right help, you can receive quotes from several companies, compare each of the offers, and thus choose what best suits your needs.
WHAT YOU SHOULD KNOW BEFORE SELLING YOUR ANNUITY
Annuity payments certainly help offset your financial situation, but sometimes they may not be enough. If only there was one way you could get a one-time payment instead of small, ongoing payments. Actually, there is a way to do just that. You can sell your annuity. However, that is not necessarily the best option for you - there are things you need to know before selling your annuity to make sure you are making the right decision.
Consult Local Laws
One thing to do before anything else is to check your state laws regarding annuity sales. Each state has its own requirements, in addition to the federal laws governing the transfer of annuities, and you will need to make sure that you agree to all of them. If necessary, contact an attorney to help you understand the process, your obligations, and the laws that apply to you.
How much money?
Another consideration here will be the amount of money you can get for your annuity. Don't think that you are going to get 100% of the money you have to collect - It doesn't work that way. Most finance companies offer a percentage of what you come in, but there are other mitigating factors, including how the payments are set, the total amount of the annuity, and much more. You will also find that finance companies vary just like banks in terms of the terms they offer, so taking the time to review all the options and companies and compare them against each other is very important.
Get multiple offers
Given the importance of comparing the different offers, you will surely find several options when you decide to sell the annuity. This can be difficult to do on your own. However, there are stock brokers who can make the process simple and easy. These agents provide the means to start receiving offers from buyers within minutes, and you don't need to locate and contact financing companies on your own.
With the information above, you will find that making the decision about whether to sell your annuity is simple. Of course, there will be a lot of decisions to be made, but working with a reputable broker and following the advice mentioned above will ensure that you make an informed decision about the sale.
WHAT YOU NEED TO KNOW ABOUT FINDING ANNUITY BUYERS ONLINE
Annuity selling is not new - this has been going on since structured settlements have been around, even though it has become more common in recent years. For those who find that their structured settlement does not help with a crippling financial situation, finding annuity buyers is important. How do you do that, however? In fact, it can be as simple as going online to find annuity buyers, but there are a few things you should know.
Search Informed
Before looking for buyers on the internet, it is important to arm yourself with the necessary information. For example, not believing everything they say in late night commercials. The Annuity Sale requires more than just a phone call. The entire process can take more than a month, and is subject to the decision of a judge who determines if the sale can advance. Searching for annuity buyers online should only be done after you have thoroughly researched your situation.
Don't Look For Annuity Buyers On The Internet By Yourself
Another important tip for looking for buyers on the internet is that the process is simpler and more efficient when you have help, but, nevertheless, do not seek help from the buyers themselves. Rather, you should work with a broker who can help you connect with more reputable buyers. Working with a broker does not mean that you will start receiving offers immediately, but rather that you can work with some of the best buyers on the market. Searching for yourself only means that you will have to trust your own experience, which may not be as broad as it should be.
VET agents
Of course, you cannot choose a brokerage house blindly. Searching online to find annuity buyers is a tricky situation given the legal complexities involved. You need help from experts from a company with years of experience under its collective credit. Make sure the company you work with has a verifiable history dating back several years. You should also make sure that they are full members of the Better Business Bureau and that they work on your behalf, and not on behalf of the buyers. While there are brokers to connect the two parties, it is necessary to have your interests protected and a good broker will do exactly that.
As you can see, there are several things you need to know before starting an online search to find annuity buyers.
WHAT IS AN ANNUITY?
An annuity in the most general sense of nature is a financial arrangement between two parties where one organization pays the other. This type of transaction usually takes place between an insurance company and an individual. Some examples of insurance companies that offer annuity products are Allstate, Safeco, Monumental Life, AIG, New York Life, and Met Life.
Annuities fall into several categories, including fixed vs. variable, immediate vs. Deferred, unique premium vs. flexible premium, qualified vs. unqualified
Classifying an annuity can be confusing, as they can be classified into all of these categories at once. An example might be a qualified fixed single premium lifetime annuity. In other words, this annuity benefits which means it will be invested in a tax-advantaged retirement plan like a 401k or IRA, the fixed category means the annuity will be funded by a single payment, and the fixed categories mean half life that the annuity will last until the death of the policyholder paying in guaranteed increments earning a fixed amount of interest.
The benefits of an annuity
The first benefit of an annuity is income for life. This type of annuity is called an annuity and can be set up to earn a fixed amount of interest and payment on either monthly, semi-annual or annual payments.
The next benefit is the tax advantages of having an annuity. Capital gains and investment income invested in annuities are not taxable until withdrawal. Tax deferral on income-generating investments is very important because there are no limits to the amount that can be invested in an annuity, unlike many other financial vehicles.
The third advantage of owning annuities is the benefit of your heirs. A common misconception about annuities is that when an annuity is funded and the policyholder dies shortly after payment the insurance company keeps the entire investment. This can happen, but this can be avoided by purchasing a guaranteed annuity. This guarantees an income to the beneficiaries after their death for the assigned amount of configuration year during the period of creation of policies.
Settlement Quotes does not sell insurance products. SQ is an annuity factoring company providing people who sell an annuity with a viable option to get out of a long investment underneath. This option should only be used in serious circumstances.
WHAT IS THE DIFFERENCE BETWEEN ANNUITY AND STRUCTURED SETTLEMENT?
It's tempting to put annuities and structured settlements in the same category. After all, they have quite a few similarities, including regular payments over a set period of time. However, they are actually very different, and the way the federal and state laws that handle these two financial products are also very different. What is the difference between an annuity and a structured settlement? Let's take a closer look.
A LOOK AT STRUCTURED SETTLEMENT
Structured settlements are exactly what they sound like. These are generally the result of a lawsuit involving personal injury or liability, and represent an acknowledgment in favor of the plaintiff. The defendant has been found guilty or has accepted guilt in lieu of going to trial, and the award amount has been converted from a lump sum into a series of payments over time. They are called deferred payments.
A LOOK AT ANNUITIES
The difference between an annuity and a structured settlement is that annuities are generally the financial tools available through insurance or investment companies. Lottery prizes often fall into this category as well, if the person has opted for the annuity option rather than the cash sum. An annuity is an investment in which the investor makes a profit in addition to the original investment amount, and may have different beneficiaries. There are a wide range of types of annuities.
WHAT YOU NEED TO KNOW
As you can see, the difference between an annuity and a liquidation is very important when you really want to delve into the subject. How does this affect the owner of the annuity or structured settlement?
A large part of how you are affected will be determined by where you live and what state laws apply to the sale of your product. In most cases, states do not allow the sale of structured settlements, but annuities are sometimes a different matter. The law can be very complex when it comes to selling these types of financial tools, and you need an expert to help you navigate these murky waters.
Perhaps the best advice for anyone considering an annuity sale or structured settlement is to work with a trusted agent who understands the law. The broker must be an accredited member of the BBB, and must have a long history of offering robust solutions for clients and helping them get the best deal for their settlement or annuity.
WHAT IS A STRUCTURED SETTLEMENT ANNUITY?
A structured annuity settlement is a financial vehicle that includes periodic payments, provided that the plaintiff in a personal injury liability lawsuit replaces a cash payment settlement. This type of financial tool can only be configured with a licensed settlement planner. (Settlement Quotes does not create these insurance products.)
A structured settlement is set up by purchasing an annuity through a life insurance company such as Metlife or Monumental Life Insurance Company. This annuity can be a monthly, semi-annual, annual or lifetime payment from the claimant. These periodic payments are tax-free and are a great source of fixed income for an individual after a personal injury liability case.
Many people wonder if they can receive a one-time cash payment after they start receiving their structured settlement annuity payments. The answer is no, you cannot go back to a cash settlement for the total. You do have options however. Settlement Quotes provides services to people in this situation. We will offer you a sum of cash for your structured settlement from other companies.
This is not always the best option for many people. A discount rate will be applied to your structured settlement to calculate your present value of your structured annuity to calculate your cash settlement. Due to the time value of money, you will only receive a partial amount in the lump sum. After a court approval process the lump sum payment will remain tax free.
Quotes Settlement only recommends using this inexpensive option if you have other financial assets that can provide financial support for your family. Many people pay off their debts, send their kids to college, or make a down payment on a house with the money they receive from the factored structured settlement.
There are many benefits to keeping your settlement structured. Quotes Settlement recommends seeking the advice of a financial professional before factoring payments through a structured settlement factoring company. A structured settlement can be used as a source of income when it comes to applying for a loan. This option must be tried first before attempting to receive a one-time payment.
SHOULD I SELL MY ANNUITY?
If unforeseen circumstances have caused a financial crisis for you and your family and you need a cash flow, selling your annuity or settlement payment may be the solution to your problems. Those who cannot meet their mortgage payments or have unexpected medical expenses should examine all their options. It is important to protect other assets or sources of income, so you need to calculate the potential risks and benefits. If selling the annuity is the best way out of financial difficulties, there is help for you to get the best price.
When multiple companies or investors compete to buy annuity payment rights, you have a better chance of getting the best price. If you simply approach a company, they will give you a take it or leave it price and you may not know if you are getting the best deal. In this particular industry, many companies use tactics like low-ball in the hope that they will accept their minimum offer which in turn will maximize their profits. Using an exchange such as Settlement Quotes LLC helps eliminate this type of tactic and will help you get the best price for your future structured settlement payment rights.
The first thing to do is find out the potential value of your annuity. This will give you the information you need to decide if it's worth the sale and, if so, what is considered a good price. Settlement Quotes Agreement provides calculators that can help you determine the value of your annuity. Once you have found the value of your future payments it is time to decide if it may be a better option rather than cashing your annuity. Other options may include:
bank loan
borrowing money from friends or family
sale of other assets
check with local Credit Unions
If you are wondering, should I sell my annuity, consider your other assets. If selling the annuity can save your home, avoiding excessive indebtedness or paying medical bills or education will be worth it. With rates at historic lows, the cost of taking advantage of a structured settlement or annuity is much cheaper now than it has ever been, and possibly never will be. There may be better options so it is always best to consult with an attorney or financial advisor before making any final decisions.
10 Ways To Cut Your Health Care Costs
If you haven't already received your company's health insurance renewal notice this year, bruce yourself. Average cost per employee scem certain to surge by more than 20 percent for the second year in a row.
Among Nations Business readers who responded to an August health care survey, nearly one-third reported health-insurance premium increases of 30 percent or more. Thirty-seven per cent reported increases ranging from 16 percent to 29 percent.
At that rate, the average cost of health insurance per employee will exceed $3,000 in 1990, up from $2748 in 1989, recording to A. Foster Higgins & Co., benefits consulting firm based in New York.
A recent, survey by Nobel Lowndes, in employee benefits firm in East Orange, NJ., found that 79 percent of senior executives believe health-care costs will continue to increase 20 percent or more each year for the next three years. These gloomy executives tre primed for the worst, knowing that costs have already gone up eightfold since 1970.
Moreover, business shouldn't count on Congress for a big fix. Although some lawmakers favor Canadian-tyle nationalized health-care system or mandated coverage for all workers, those legislators comprise . vocal minority that is better at capturing public attention than winning converts on Capitol Hill. In addition, both of those proposals focus on broadening coverage to the nation's 81 million to 37 million uninsured, not on controlling spending.
The message here is clear: If you haven't already gotten serious about cutting your company's health-insurance costs, now is the time. It can be done. Just ask Philip Leber, who slashed his small company's monthly premium from $10,000 to $2,500.
The first thing you should do is learn how the system works-or doesn't work. Most small employers spend few er than four hours a year thinking about their company health plans.
Learn what your options are. Your insurance agent can help you shop for cheaper plans. But don't stop there. Compare plan benefits, insufitncc-COMpany records and service guarantees.
Consider Blue Cross and Blue Shield plus and HMOs (health-maintenance organizations), even if your agent lireas offer clear advantages to small companies. Experts regard HMOs as the best buys in health care.
Find out if your company is eligible for new, low-cost health insurance plans now available in five states. In addition, foundation-funded pilot projects in several parts of the country are demonstrating that it is possible to eut health-coverage costs 30 to 10 percent.
In short, health insurance isn't as simple as it used to be. And the pace of change is accelerating, offering new hope for a truce in the business battle with exploding health-care costs.
The next couple of years present as much potential for change as at any time in the past 20 years," says Gail Wilensky. administrator of the federal Health Care Financing Administration, which ovence Medicare.
You can be part of that change by putting at least some of the following 10 idens to work for your company.
1. Increase Cost Sharing By Employees
This recommendation is at the top of every consultant's list. Small companies tend to pay for more of their workers' Local healthcare bill than large companies do. Yet research shows that insulating employees from the costs of care encourages unnecessary use of health services.
Fifty-two percent of the companies responding to the Nation' Business health survey said they pay 100 percent of their employees' health insurance premiums. But 45 percent said they intended to implement or increase employee contributions to these premiums. An equal number said they plan to increase employee deductibles.
Insurance companies first attached $100 deductibles to major-medical plans in the early 1950s. But 40 percent of employers still set deductibles at $100 or less.
Celtie Life Insurance Co., a small business health insurer based in Chicago, calculates that raising . $100 deductible to $250 would eut premium COKLS for single coverage by about 11 percent. A 3.500 deductible would cut costs by about one-fourth. A $1,000 deductible would save about one-third.
2. Allow Employees To Pay For Health Premiums With Tax Free Dollars
Set up a so-called flexible spending account, which allow your employees to pay their share of health insurance premiums and we reimbursed health-centre expenses with pretax dollars. A flexible spending account could save employees 20 cents to 35 cents on the dollar, because state and federal income taxes and Social Security taxes ?r? n?t imposed.
Moreover, the company saves by ducing the employees base salary on which it pays Social Security and other taxes.
Hire an outside payroll accounting firm to handle the paperwork. You can pay the service fee and still come out with a net savings, by Dan Brown, 1 Silver Spring, Md., insurance broker The monthly administration fee would run between $2 and $5 per employee.
3. Transfer HighRisk Employees To The State's High-Risk Pool
Insurance premium sonr' whenev. er someone in a small-group planbecomes very ill with cancer or heart disease, for exam. ple. As an employer, you should explore the possibility of moving employees with serious health problems into 1 state high-risk pool and then negotiating a lower premium for the healthy members of your group.
Twenty-four states have high-risk pools for people whom insurance earners don't want to cover, although some of these pools are not yet operational, Risk-pool insurance generally sells for 150 percent of the typical individual premium. The insurance is comparable to that offered by i standard munjon: medien health policy.
Rules governing coverage differ from state to state. For example, some states won't allow employers to move high-risk individuals into the pool if only the uninsured are admitted. Other states encourage it. Some state pools have waiting lists.
Call your state insurance commissioner's office for details if you live in one of the following states: California, Colorado, Connecticut, Florida, Geor gin, Illinois, Indiana, Iow, Louisiana, Maine, Minnesota Missouri Montana. Nebraska, New Mexico, North Dakota, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming.
4. Switch To An OpenEnrollment Blue Cross And Blue Shield Plan
Blue Cross and Blue Shield plans operate as de facto high-risk pools in a number of states by providing open enrollment periods during which any group can buy insurance. Among the 74 Blue Cross and Blue Shield organizations nationwide, 21 offer open enrollment.
Open-enrollment plans are better than state risk pools because Blue Cross offers coverage at substantially less cost than the rates charged by state pools," says Greg Scandlen, director of states services research for the Blue Cross and Blue Shield Association in Washington, D.C.
Employers who buy open-enrollment plans are insulated from the premium spikes they can experience with other insurers once someone in the group becomes very ill. These plans une so-called community rating to calculate premium increases. All companies buying one of these policies are in the same risk pool, and all pay the same rates.
All the Blues once tried community rating to set premium levels. But that began to change in the 1960s when commercial insurers started to lure away firms with low risks by offering them cheaper health insurance. The Blues in: increasingly found themselves writing policies for groups with above-average health claims. As a result, premiums went up. And most Blues today use the same health screening and rating practices used by commercial insurers.
Five of the open-enrollment plans limit applications for insurance to speeifle periods during the year. Some will tazke groups no smaller than 10 employees. For details, contact Blue Cross pilates in Alabama, Maryland, Massachusetts, Michigan, the National Capital Arel (Washington, D.C.). New Hampshire, New Jersey, New York (six different plans), North Carolina, Pennsylvania four different plans), Rhode Island, Vermont, and Virginia.
5. Replace Your Traditional Health Plan With An HMO
Unlike traditional health insurance, HMOs cover all medical needs, in eluding routine preventive care, for a flat monthly fee that typically is less expensive than traditional health insurance. Moreover, two types of HMOs, the staff and the group models, have proven to be more effective at controlling costs than any other form of health-care delivery. Staff models employ physicians directly and put them on salary. With group models, the HMO contracts with a multispecialty group practice and caps payments for services.
Look for an HMO that operates in Accordance with voluntary federal standards, 50-called federally qualified HMOs. These HMOs are barred from refusing health coverage based on medical screening. Their premium rate increases are tied to the experience of everyone in the HMO, which protects a company from sharp increases based on heavy claims from a few of its employees. There are 307 federally qualified HMOs covering more than three fourths of all persons enrolled in HMOS tuationwide.
The catch with an HMO is that those who are covered have to use the HMO's doctor and the hospitals that it designates. Those unwilling to surrender their freedom of choice can go for an "open-ended" HMO, & new hybrid that will allow the insured to see doctors outside the HMO if the covered person is willing to pay out-of-pocket deductibles and coinsurance. Enrollment in open-ended HMOs jumped 39 percent in 1989.
Because HMOs typically can't afford to market to small companies, start your search in the Yellow Pages.
6. If An HMO Is Dut, Shop For A Traditional Plan With Managed Care Or A PPO
Switching to a mannered-care health plan with built-in restraints on the use of health services should cut your costs by 5 to 10 percent.
The context health insurance you can buy is a traditional indemnity plan. Under such a plan, employees choose their physicians. Insurers, acting as a passive pass-through mechanism, reimburse doctors and hospitals on li fee for service basis. They also increase employer premiums as necessary to keep pate with rising costs. Many experts predict that traditional indemnity health insurance will be replaced by mariage-care indemnity plans by the mid-1990s. Mina ged-eare plans attempt to hold down costs by placing controls on the use of medical services.
Most insurance carriers already aller variety of managed-care features as additions to traditional indemnity plans. They include prior approval for elective hospital admissions, second opinions for surgery, utilization review, case management, and discharge planning.
A number of insurers also offer preferred-provider organizations (PPOs), which also may be organized by hospitals or sponsored by large employers. PPOs are groups of doctors who have agreed to discount their fees, usually by about 10 percent to 20 percent. By definition, PPOs build in managed-care fenturen to hold down expenses. To encourage use of PPO doctors, employees pay only a small fee of $5 to $10 per office visit. Employees my use doctors outside the PPO, but out-of-pocket expenses rise sharply with the addition of deductibles and coinsurance.
7. Purchase Your Health Insurance Through A Business Group Or Coalition
Individual small employers have little or no lever age in buying health insurance, but when a number of small employers band together to purchase insurance they can wield real clout in the market.
The Small Business Service Bureau, an association based in Worcester, Mass.. arranges group insurance through HMOs and Blue Cross organizations for 35,000 small businesses most with fewer than 10 employees, across the country. We negotiate the terms of the benefits, and we have trained staff members who explain the options to small-business owners," says Lisa M. Carroll, health-services director.
Fred Rohm, president of the New Castle County Chamber of Commerce, in Newark, Del, manages a group-purchasing arrangement for seall employers in his area. Premiums for 350 small employers covered by the chamber's indemnity plan went up only 1 percent this year.
The chamber in San Francisco launched a group-purchasing arrangement in March. It lets small employers in the Bay Arel choose an indemnity plan, an HMO, or a PPO, Ask your local chamber or business association about group purchasing.
But we caution in signing up. Some insurance agents and many business trade associations offer group-purchase. ing plans known as multiple employer trusts (METS), "METS were everybody's answer to the problem of rising costs several years ago," says David Helms, president of the Alpha Center, health policy and planning center in Washington, D.C. But METR in general have not lived up to their cost cutting expectations, primarily because insurers lure away low risk groups with rock bottom rates, says Helms. This leaves the MET with higher-risk groups, which erodes its ability to negotiate low rates. Make sure the MET you choose is backed by an insurance company. Self-insured METS—those not backed by an insurer have experienced high failure rates.
8. Purchase One Of The No-Frills Insurance Plans Now Available in Five States
Virginia, Missouri, Florida, Illinois, and Washington this year exempted small firms from regulations requiring them to provide certain types of health coverage. Typical mandates cover chiropractors, well-baby care, dental checkups, and treatment for alcohol and drug abuse. Some states require coverage for more exotie procedures, such as in vitro fertilization and acupuncture. By exempting small firms from such mandates, Insurers may offer no-frills plans with premiums costing 20 to 10 percent less.
"To prevent employers from canceling existing insurance, some states restrict the new. lower cont plans to companies that have been without insurance for at least a year. Call your state insurance commissioner for details. More states are expected to remove mandates for small companies next year.
9. Determine if You Are Eligible For One Of The Low-Cost Pilot Projects Operating In 10 States
Pilot projects funded by the Robert Wood Johnson Foundation of Princeton, NJ have helped nearly 2,000 small businesses in 10 states purchase health insurance at sayings of 30 percent to 40 percent. The projects were designed to attract small unit: sured companies. Although these projects typically exclude firms that have offered group insurance within the past year, there are two notable exceptions-in Florida and Colorado.
The Florida Small Business Health Access Corp. in Tampu accepts firms that have gone uninsured for only six months. The corporation currently provides health services to 560 small businesses covering 2,856 individuals. It uses state funds to subsidize marketing and administration. That lowers the cost of premiums employers pay to enroll their workers in a local HMO, A 35 yer old adult male pays $75.52 a month for the standard option plan; family coverage is $198.96.
Eighty percent of the companies enrolled have three or fewer employees. says Rod Sailors, the corporation's director. The legislature more than doubled the plan's subsidy this year to $4.7 million permitting it to expand into 11 rural counties by next June.
In Denver, the Shared Cost Option for Private Employers (SCOPE) accepta small companies seeking to switch to s lower-cost health plan, as well as those currently uninsured. SCOPE, in operation less than a year, is providing health Insurance to 171 companies covering 4,296 individuals.
SCOPE's health plan is the only project funded by the Robert Wood John son Foundation that operates without a government subsidy. It cuts premium costs by requiring relatively high deductibles and coinsurance (the percentage of costs not covered by insurance) and by relying on a select group of doctors and hospitals. Routine visits to a doctor's office require a $15 payment. Hospital admissions require an individual to pay a $250 deductible plus half of the first $5,000 in charges. But the plan also covers a wide array of preventive Care at no charge.
The high enst-sharing with employees allows U.S. Life Insurance Co., the Neptune, NJ.. insurer offering the plan to keep rates low. A single 31+ year-old male pays $18.91 n month: family coverage is $148.47. "In the first five weeks of the plan]. 8,000 businesses called for information," says Judith Glacner, SCOPE's director.
Other Robert Wood Johnson Foundation health-care pilot projects are those operating statewide in Michigan, Tennessee, Utah, Washington and Wisconsin as well as those in Tucson, Ariz Brunswick, Maine and San Francisco.
10. Seek Out New, Low-Cost Plans Offered By Some Insurers
The low-cost health-insurance plan offered by U.S. Life Insurance through the SCOPE program in Denver already has inspired similar plans, says David Dunn, a senior vice president of U.S. Life. Just because of SCOPE, most of the carriers in Denver have tried to design similar products to appeal to the same market," says Dunn.
He has encouraged other insurers to copy the plan and offer it elsewhere. A number have shown some interest in doing so. Blue Cross and Blue Shield organizations also have launched a number of low-cost plans designed for small companies and the uninsured. Blue Cross of Tennessee offers a comprehensive, nongroup program called Impact, for employers with four or fewer workers. Premiums for individuals start as low 18 $28.13 a month.
Blue Cross and Blue Shield of Oregon offers a PPO for small groups. Premiums ire about one-third less than those of regular Blue Cross plans. there are, of course, other ways to eat health-care costs. The additional options that follow are common among midsized and larger companies yet are within the reach of many small firme:
- Start a wellness program that promotes healthful behavior. By some estimates, about one-half of nll health problems are related to lifestyle choices such as smoking and neglecting to get ?r???r ?x?r????.
Explore the feasibility of using a mail-order prescription drug program if you have employees who need large quantities of high-cost maintenance dngs, Mail-order pharmacies do a high volume business and offer unit prices based on that volume. They are often more aggressive in providing lower cost generic drugs, which can be a cost saving in itself when appropriate.
Eliminate mental health and drug dependency care from your health plan, and contract for this coverage separately, using a quality managed-care company that specializes in these services. This strategy can save you 10 to 40 percent of your health-care costs. Mental-health and drug-dependency care are the fastest growing segments of medical plans today. Experts say that much of the treatment now provided is inadequate or unnecessary.
- Offer a cafeteria-style benefits plan. Cafeteria plans allow employees to tailor their benefits to their individal needs, and they also enable employers to establish limits on company contributions.
For small companies, the frontier in health-care cost management lies in direct contracting with doctors and hospitals. Fred Rohm, of the New Castle County Chamber of Commerce, is eager to test how well this works. Although his plans are still in the formative stage, Rohim knows what he wants:
health center staffed with salaried doctors who would provide basic services to employees and dependents of hundreds of small companies in his area. Patients would receive routine care at the center, including X-rays and laboratory tests. As necessary, the staff doctors would channel patients to outside specialists who would work for discounted fees. Hospital treatment would be paid according to a set fee schedule reflecting significant reductions from sual charges.
I think we can sell the plan if we can price it at 360 to $75 per month per individual," says Rohm. That's about 40 percent to 50 percent less than the typical health-insurance plan.
Rohm is negotiating with JSA Health Care Corp. of Columbia, Md, to set up the proposed health center. JSA is one of a handful of companies nationwide breaking into the business of setting up health centers with company doctors for corporate clients.
Joseph L. Falkson, JSA's director of primary health, says the company currently runs seven similar health centers for dependents of US military personnel, and those centers have succeeded in holding down costs. We have calculated that between 1986 and 1989, we had 1 million patient visits at the centers," he says. "Our estimate is that we saved the military $40 million over what it would have spent if our patients had been purchasing typical fee-for-service medical care."
Company health centers represent just one approach for solving the health-care problems faced by American business. Clearly, there is no one solution best for all, but there are many small ways in which individual companies, business groups, insurers, and government can chip away at the problems today while contributing to a lasting solution for the future.
Time will tell whether any of the recent innovations in health-care delivery will lend the way out of the current Crisis. But workable solutions need to be developed sooner rather than later. The nation's employer-based health-insurance system can't take too many more years of 20 percent price increases.
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