Imperial Structured Settlements  >  Structured Settlements  >  Types of Structured Settlements

Types of Structured Settlement Payments

Depending on the particular needs of the recipient, structured settlements options are classified into 4 types, which are normally paid directly to the plaintiff via Electronic Funds Transfer (EFT) to the payee's bank account or a trust.

 

1. Life Annuity

2. Lump Sum

3. Life Contingent Lump Sum

4. Joint Survivor Annuity

 

1. Life Annuity  ^ Top

With life annuities, payments are made in weekly, biweekly, monthly, quarterly, semi-annually, or every other year for a guaranteed number of years. The pay periods and number of years can be decided according to the recipient's life expectancy. In case the recipient passes away before the designated number of years, the beneficiary will continue to receive the payments for the remaining guaranteed number of years.

 

2. Lump Sum ^ Top

These are also referred to as Deferred Lump-Sum Payments, and payments are made in a pre-determined time period at some future date. With lump sum payments, in case the recipient is not alive till that time, the beneficiary can always collect that lump sum of cash.

 

3. Life-Contingent Lump Sum ^ Top

Life-contingent lump sums are similar to lump sums, with the condition that recipient should be alive on the pre-determined future payment due date. Beneficiaries cannot collect on the behalf of the recipient.

 

4. Joint Survivor Annuity ^ Top

A joint survivor annuity will pay the recipient payments for life. In case the annuitant dies and there is a beneficiary, the secondary annuitant will continue to receive the balance at a rate equal to, or at a predetermined percentage of the original benefit.

 

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