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Types of AnnuitiesIt used to be that annuities were straightforward, simple and easy to understand.You put money in and then received a fixed payout after you retired that was based upon factors such as how much money was put into the account and interest rates. They provided guaranteed income over the duration of the owner’s life.
As a result, a large number of people became interested in annuities and demand skyrocketed. Thus, more complex varieties of annuities were offered and payments were increased in a tradeoff for more risk.
Over a period of time, providers of annuities began to increasingly adjust them to meet the needs and interests of investors. There are now not just dozens,but hundreds of different options for annuities. As a result, they are a lot more complex and making a decision about which type of annuity to buy can be a lot more difficult.
Structured SettlementsThese are future payment streams (annuities) that result from a settlement of a personal injury, wrongful death, medical malpractice, workers compensation claim and other tortious conduct. PLEASE NOTE, IT IS NOT LEGAL TO SELL WORKERS COMPENSATION PAYMENTS.
These future payments are made by annuity issuers (general life insurance companies) and may be guaranteed payments (paid regardless of whether the annuitant is alive or deceased) or life contingent (cease upon the death of the annuitant). Settlements.org buys both guaranteed and life contingent payments.
Single Premium AnnuitiesThese annuities are purchased upfront by a single premium and generally serve as investment annuities. The transfer of these annuities do not usually require a court order and the transaction can be completed in as little as two weeks.
Lottery WinningsIf you win a large lottery drawing, you will have an option to either take a lump sum payment or to accept annuitized payments. If you choose the annuity option, you may later sell this to Settlements.org if you change your mind.
Pension PlansYou may be the recipient of a government or retired worker pension plan. These are generally not transferrable and you must hold them to term.
Lawsuit AnnuitiesThere are a lot of structured settlements that arise out of lawsuits, especially tobacco lawsuits. This is particularly common when the payouts are large. There are a lot of tobacco lawsuit annuities that were set up over the last 20 to 25 years.
Various Other AnnuitiesThere are other examples of annuities, particularly in relation to injury lawsuits or vehicular accidents.
- People who are injured at work may receive worker’s compensation payouts through annuities.
- Those who are injured as the result of defective products that they bought may receive compensation through an annuity.
- Those who win lawsuits based upon harassment, discrimination or other violations of their personal and civil rights may be paid out through an annuity.
- If a mistake by a construction company causes someone to lose their property and they are victorious in court, they could be paid out through an annuity.
- Finally, lawsuits based around environmental harm can result in payments through annuities as well.
- Other examples include cases related to corporate disputes, divorces and businesses that break up.