Independent Life Insurance Company (Independent Life), the first structured settlement annuity issuer solely focused on the structured settlement market offers annuities for non-qualified structured settlements. Independent Life filled a gap left by the departure of Liberty Life Assurance Company of Boston from issuing structured settlements in early 2018. Metropolitan Tower Life Insurance Company filled part of the gap in 2018, when it began offering a non qualified assignment with a domestic non qualified assignment company. Met Tower and its assignee rely on IRC 72(u) compliance for its tax exclusion and is therefore best suited forpayments that begin immediately or deferrals starting no later than 13 months from funding.

Parties to a lawsuit, legal dispute or claim that that is not eligible for tax free qualified assignments under IRC 130, can still benefit from tax deferral through a non-qualified assignment . Like qualified assignments, non-qualified assignments enable two disputing parties to settle for future periodic payments with the obligation to make future payments fully transferred to a responsible assignee and allowing the Defendant or Insurer to write a single, up-front check and be released from future payment obligation. Compared to receiving a lump sum now, the payee gets the payments in a more tax-efficient manner as the money is distributed over time.

Who are the non qualified assignment companies used by Independent Life Insurance Company?

Within the Independent Life Insurance Company non qualified structured settlement platform, its intermediaries, including John Darer of 4structures.com LLC, will be able to leverage the strength and market recognition of two non-domestic assignment companies, Structured Assignments, SCC, based in Barbados and Kenmare Services Company Limited, based in Ireland. By utilizing an offshore assignment company, Independent Life can offer fully customizable payout patterns of fixed and guaranteed payments to settlement planners and their claimants including deferred, lump sum, fixed period or lifetime payments. Independent Life also offers locked in pricing for provided quotes.

What is a non-qualified structured settlement?
Any dispute or claim that is not eligible for an income tax-free qualified assignment per Internal Revenue Code Section 130 can benefit from tax deferral through a non-qualified assignment. Like qualified assignments, non-qualified assignments enable parties to a dispute to settle for future periodic payments by allowing the payer to write a single, up-front check to a responsible assignee, transferring the obligation to make future payments and releasing the payer from future obligation. The payee then receives payments in a more tax-efficient manner as the money is distributed over time.

What are the advantages for the payee?
By electing to receive payments over time, the payee benefits from fully customizable payout patterns including deferred, guaranteed lump sum, fixed period certain, or lifetime payments.

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