Structured Settlement Annuities Have Value In Financial Security
If you’re looking to secure your family’s financial future, investing in a structured settlement annuity is right up your alley. In most cases, accidents are unavoidable and should your life be taken away prematurely, you’ll want the best protection your family can get. A recently published article on InsuranceAgents.com, however, warns not to get a structured settlement annuity and life insurance mixed up.
“Although annuities and life insurance are usually linked together, an annuity is not the same thing as insurance,” the article, Getting Acquainted With A Structured Settlement Annuity, reports. “You purchase annuities through your life insurance company but it is engineered to benefit you while you’re alive whereas life insurance is engineered to benefit your loved ones after you pass on. A structured settlement annuity can be simply defined as an agreement where your insurance company agrees to pay you a predetermined amount of cash for a fixed length of time if you meet an accident.”
A standard annuity consists of a few things: an agreement, annuity application, qualified assignment, court order in case a claim is filed by a minor and annuity policy. What are the benefits of a structured settlement annuity, you ask?
“One of the perks of a structured settlement annuity is that the payments are income tax-free and guaranteed,” the article emphasizes. “You can decide whether you want payment in the form of equal installments, installments in vary amounts, or in a lump sum. You can verify your specifications in the structured settlement annuity agreement.”
An annuity is a grand investment that requires much responsibility, so make sure you consider factors such as your monthly expenses, current age and your retirement plans before committing.
Contact a life insurance agent to discuss if this annuity is right for you. For more information on structured settlement annuities, visit InsuranceAgents.com.
Staff contribution: Rafael Onak
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