What is a Life Contingent Structured Settlement?
Quite simply, it is a stream of structured settlement payments that will be paid to you as long as you are alive. The settlement is designed to provide you with a stream of income while you are alive.
How is it different than a “traditional” Structured Settlement?
What people consider to be a traditional structured settlement is one that consists of guaranteed payments made on certain dates. Meaning that the payment set out in the original agreement will be paid regardless of whether or not the registered annuitant is alive.
So, if you have $1,000 coming to you and you pass away, your beneficiary (or your estate) will continue to receive the $1,000 on the agreed upon date for as long as the original structured settlement’s terms last.
A life-contingent structured settlement, however, is one that is only paid while the annuitant is alive. This means that the annuitant must be alive on the date the payment is due in order for the payment to be paid. Once the annuitant is no longer alive, the payments stop. There is no transfer to a beneficiary.
Selling a Life Contingent Structured Settlement
Not to worry. SenecaOne may be able to purchase your life-contingent settlement. The process requires a little different approach than a “traditional” structured settlement, but as Your Trusted Source® we continue to try and make it as quick and as simple as possible to get you the money that you need.
Step 1 — Pick up the phone
Understanding your financial needs is our first priority. Helping to meet them is our second. Once we know your situation and your goals, your dedicated Annuity Specialist will tailor your transfer plan.
Contact your Annuity Specialist now to start the process. Call 1.800.513.1394 now.
Step 2 — Medical Underwriting
This is a formality. And it’s not as complicated as it sounds. It’s just an assessment of your medical status. Once it is completed and your Annuity Specialist has the results, a contract package is overnighted to you.
Step 3 — Paperwork
SenecaOne makes sure that all paperwork is correct. It’s one way we can help to speed up the process. Once SenecaOne gets the results, you will receive your contract package. You review it and sign where necessary, and it will be sent back to your Annuity Specialist.
Step 4 — Getting the Approval
SenecaOne will take it from here. We process your paperwork, file a petition, and a transfer approval court date is set. And don’t worry, your Annuity Specialist will keep you updated. They’ll even help you understand what to expect for your day in court.
Step 5 — Getting Your Money
Once your court order is signed, we get your money to you as soon as possible. As part of being Your Trusted Source, we offer flexibility in the payment options we offer. Your options include:
- Overnight mail
- Direct deposit into your bank account
Call 1.800.513.1394 and have an Annuity Specialist review your settlement, free of charge.