Legal Question in Insurance Law in New York

My brother died and myself and 2 other siblings are the beneficiaries to a single premium structured annuity that he left behind as a settlement from tragic accident he was in as a teenager. We are being told by the insurance company that we can not receive a lump sum payment even with a percentage reduction & that they have to pay the remainder of these funds as structured to the 3 of us with the larger portion of these payments being 7 years away. The insurance company says since my brother was not the "original" contract owner of the policy and another insurance company is, they do not have a contract with his signature or anything else in detail, so we have to rely on what they tell us the contract is. Also, they say we cannot name beneficiaries to this annuity and that if we die, the annuity has to go through a probate process to each of our Estates. We do not want this because it will be subject to creditors rather than family members we wish to leave these funds.

Can you give me any advice about receiving the annuity payment sooner? Does this information this insurance company is supplying seem legit? Any advice on this would be appreciated.

Thank you.


Asked on 8/20/10, 7:32 pm

1 Answer from Attorneys
Jeffrey Donato Jeffrey M. Donato, Esq., P.L.L.C.

I am sorry to hear about your loss. I really believe you should speak with a financial planner. If you need a suggestion, please feel free to contact me. I see you are kn the area (my office is in Bohemia). I can be reached at 631-244-1484 if you need a referral. Jeff Donato.

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Answered on 8/27/10, 6:00 pm


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