Legal Question in Insurance Law in New York
I am a will listed beneficiary to an annuity payout that was my brothers before he died. He received this as a settlement from a serious accident he was in 17 years ago. The insurance company will not pay a lump sum to me because they say it is a structured settlement and has to pay out according to the structure. The description of the annuity is a Single Premium Immediate Life Annuity with Certain Period with payments specified in a schedule. I was also informed my brother is not the "owner of the policy" and another insurance company was. I did speak with one attorney and he said it is very unusual that they will not pay this out in a lump sum. I currently have some debilitating health issues and I am out of work currently. I question if I will even be alive in 7 yrs, which is the date of the payout. I do not want to sell this annuity because I will lose half to a settlement company.
Is there anything I can do to receive these funds immediately. Any information you can give me on this would be appreciated. Thank you for your time.
1 Answer from Attorneys
Yes, there is. Feel free to e-mail directly at [email protected]
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