Yes. EFT is our recommended method for you to receive your payments. While a paper check in the mail is an effective method, EFT allows for a consistent way to receive your payments on time since it is not subject to various outside factors that the Post Office may experience. You may set up direct deposit by completing the Authorization for Direct Deposit form.
If the payments you receive are guaranteed, then you may be able to add or change a beneficiary. All change of beneficiary requests must be reviewed and approved by New York Life and the owner of the annuity contract (if it is not New York Life or New York Life Insurance and Annuity Corp). You may request a beneficiary change by completing the Change of Beneficiary Request form.
Please contact our Service Department at 855-469-5772, option 2.
Generally, if you receive your payments through electronic funds transfer (EFT) or paper check, we will release your payment several business days in advance of the effective date, so you receive it on or before the effective date.
Generally, if you receive your payment through EFT or paper check, we will release your payment in advance of the effective date, so you receive it on or before the effective date.
If you receive your payment electronically, please contact us if you did not receive your payment by the effective date. Please note that, depending on the numbers of days in the month, weekends and holidays, that fall in between the release and effective date of the payment, electronic payments may post to your account on different dates in the month.
If you receive your payment via paper check, please allow the Post Office 5 business days beyond the effective date to deliver the payment. If you do not receive your check after 5 business days past the effective date, please contact our Service Department at 855-469-5772, option 2.
Please mail, fax, or email us a formal request to update your name. Please provide the reason for the name change and any supporting legal documents authorizing your name change.
New York Life cannot provide you with tax or legal advice. However, if you are receiving periodic payments through a worker's compensation or personal injury settlement, sections 104(a)(1) and 104(a)(2) of the Internal Revenue Code allow that you receive these structured settlement annuity payments tax free. If tax reporting is required, a tax form will be sent to you as needed.
While we understand that life can take an unexpected turn, the payments you receive from a structured settlement cannot be changed. New York Life is obligated to make the payments as per the terms of the settlement and, consequently, the payment amounts and dates cannot be changed.
Since structured settlement annuity payments are made as per the terms of the settlement and do not change, we do not provide monthly/annual statements.
However, if you need a letter describing your remaining benefits, we are happy to provide one. The benefit letter will show the remaining schedule of payments you are to receive. To request a letter, you may mail, fax, or email a request to us. To avoid processing delays, please be sure to sign the request and reference your contract or certificate # and the last 4 digits of your Social Security number. We will mail the letter to the address that we have on record for you. If you believe the address New York Life has on record is outdated, please complete the Change of Address form as well. To protect your privacy, please note that we will not fax or email the benefit letter.
At this time, we do not have a client portal.
If your payments are guaranteed, the remaining payments will be sent to your beneficiary(s) of record once they complete the death claim requirements, which consists of the Death Claim form, and an original and final death certificate. If your beneficiary is your Estate, we will require Letters of Administration/Probate in addition to the claim form and death certificate. If the payments you receive are life contingent and do not have a guarantee, then your payments will cease upon death.
New York Life Structured Settlements is a division of New York Life Insurance Company. New York Life does not offer tax, legal, or financial advice. Consult your personal advisors before making any decision.