Our thoughts go out to all our policyholders affected by recent severe weather events. If you have any questions regarding your policy, please contact your New York Life agent or call New York Life directly at 1-(800)-225-5695.
Regardless of a particular settlement's design, structured settlements may have distinct advantages over an immediate lump sum. In most cases, both the defendant and the plaintiff will benefit.
The defendant (who may be a corporation, liability insurer, or government agency) benefits through a faster, more efficient resolution, reducing the cost of prolonged litigation. Also, by assigning the obligation of payment to a financially sound third party, the defendant can feel secure knowing all future payments will be met.
Plaintiffs benefit by securing guaranteed income, a tax-free stream of payments. Free of the pressures of money management and the potential for dissipation of funds, the plaintiff can enjoy the peace of mind of financial security.
While structured settlements have these advantages, consideration should be given to individual situations before making a final decision.
As a mutual company, we hold ourselves to the highest standards of transparency, objectivity, and integrity.
Reach out to our toll-free number at (855) 469-5772 or email SSInfo@newyorklife.com.
1New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).