A structured settlement scheme is when a settlement is paid out in certain amounts continually by a structured company. Structured payments have become more popular than lump sum payments because of the benefits that they offer. There is an interest rate on the payment which means that you get a bigger portion than if you took a lump sum upfront. The payments are not taxed. That means more money for you. These settlements are particularly preferred in wrongful death and personal injury cases where the scheme is beneficial to the claimant.
A structured settlement is essentially like a job. You are paid, but you are not working. You are assured of income in the future if you choose the scheme. The settlement is not offered by the insurance company but through a structuring group. This means that the insurance company that is doing the compensation does not have to pay more to cover the additional costs. The settlement can be set up to mirror a paycheck, and you receive a certain amount each month or it can be redirected to a particular expense such as school fees. You do not have to meet with an advisor regularly since the payouts are automatic and everything is agreed upon from the offset. Every party that is involved wins when the winner of a case accepts a structured settlement. There are also risks when you agree to receive structured payouts such as when the company goes bankrupt.
AIG is one of the premier structured settlement businesses in the world. They ensure that the terms of the settlement are ideal for the client and that the payments are relative to the total amount. The process of setting up a structured payment scheme starts when a court decides that the plaintiff is owed money. A qualified consultant works with the plaintiff to ensure the terms meet the needs of the claimant. An annuity from a life insurance company is then bought by the consultant after the terms are agreed. AIG ensure that the life insurance company is different from the one that pays the claimant. The plaintiff is guaranteed that the payout is not affected by an economic crisis or fluctuations in the market since the money is invested in a life insurance package.
AIG is a part of Sun America Financial Group. It is one of the biggest insurance firms in the world. Clients working with AIG are ensured of world-class and quality service when they choose to work with them. AIG provides services to more than 50,000 annuitants each year making it one of the largest structured settlement businesses in the nation.
AIG has been in operation for more than 25 years. It has worked with many clients during that time. AIG has the expertise to handle all types of claims from mass tort and environmental damage to worker compensation and personal injury. Structured payments have become extremely beneficial to victims of personal or physical harm. This is because a structured payment prevents the claimant from exhausting the settlement. Many of the victims might not be able to gain employment in the future. The payouts ensure that they are independent and do not have to depend on government assistance.
AIG allows its clients to download the various forms that they might require during the lifetime of the settlement from their site. AIG allows you to receive payments directly to your bank account through electronic ACH transfer. You can set up the payments to be sent through the mail to your address. You can change the beneficiaries of the settlement by filling out a document, and you will be contacted if the request is successful.