Why the Market Needed a New Non-Qualified Structured Settlement Plan Structured settlements are typically associated with physical injury, sickness, wrongful death or workers’ compensation claims. In these cases, the tax code allows the claimant to receive income tax free compensation for their injuries, spread over time, from a trusted life insurance company via a §130(c) qualified assignment but...
KBRA Affirms Rating for Independent Life Insurance Company NEW YORK (May 2, 2019) – Kroll Bond Rating Agency (KBRA) affirms the insurance financial strength rating (IFSR) of A- for Independent Life Insurance Company (Independent Life), a Texas-domiciled life insurance company that focuses exclusively on the structured settlement market.Independent Life Insurance Company is the underwriter within...
ABLE Accounts: The Direct Funding Debate Without more specific legal authority, many plaintiff attorneys, special needs attorneys and settlement planning professionals may be unwilling to recommend direct funding of ABLE accounts with structured settlements because of the risk their disabled client might lose his or her means-tested government benefits. In this article, we’ll explore the current arguments for and...
Are ABLE Accounts a Growth Opportunity for Structured Settlements The ABLE Act together with the state ABLE programs now offer settlement and judgment payees an important new solution (ABLE Accounts) for saving and accumulating money while preserving eligibility for needs-based government benefits and allowing direct access by the owner/beneficiary. Structured settlement annuities appear to represent an ideal funding...
What is the ABLE Act? Known as the “Achieving a Better Life Experience Act of 2014,” the ABLE Act, which created IRC Section 529A, was signed into law with bipartisan political support. It’s stated intent: “(1) To encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain...
ABLE accounts, similar to special needs trusts and pooled trusts, allow qualifying persons with disabilities, including personal injury victims, to save money without jeopardizing their eligibility for means-tested public benefits. Means-tested public benefit programs generally impose income and resource limitations. For example, to qualify and remain eligible for Social Security Income (SSI) and Medicaid,...
Independent Life Now Offering Non-Qualified Structured Settlements DALLAS – (April 15, 2019) – Independent Life Insurance Company (Independent Life), the first annuity provider to focus solely on the structured settlement market, is delivering on its promise to introduce innovative solutions to the marketplace. The Texas-based company announced it will now offer annuities for non-qualified structured settlements to fill a gap...
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Any discussion of taxes herein is for general informational purposes only and does not purport to be complete or cover every situation. Independent Life, its affiliates, its distributors, and its and their respective representatives do not provide tax, accounting, or legal advice. You should confer with your qualified legal, tax and accounting advisors based on your particular circumstances. All guarantees are obligations of Independent Life Insurance Company.
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