DALLAS – (April 15, 2019) – Independent Life Insurance Company (Independent Life), the first annuity provider to focus solely on the structured settlement market, is delivering on its promise to introduce innovative solutions to the marketplace. The Texas-based company announced it will now offer annuities for non-qualified structured settlements to fill a gap in available options for settlement planners. With the addition of this product, Independent Life now provides a comprehensive and robust offering of settlement solutions.
A dispute or claim that is not eligible for an income tax-free qualified assignment per Internal Revenue Code Section 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 being transferred to a responsible assignee and allowing the payer to write a single, up-front check and be released from future 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.
Independent Life will leverage the strength and market recognition of two non-domestic assignment companies, Structured Assignments of Barbados and Kenmare Assignment Company Limited of 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.
Cases that are eligible for non-qualified assignment include:
- Employment disputes
- Wrongful termination
- Sexual harassment
- Psychological/emotional harassment
- Attorney fees
- Wrongful incarceration
- Punitive damages
“The market has been missing this planning option for over a year.” said James D. Atkins, CEO of Independent Life Insurance Company. “Independent Life is proud to give settlement planners another option for arranging an effective settlement and better serving their clients.”
“Kenmare is honored to partner with Independent Life Insurance Company to provide this much needed settlement planning option,” said Derek O’Reilly, Director of Kenmare Assignment Company Limited. “As Kenmare approaches its 10-year anniversary of providing market leading deferral solutions, we are looking forward to continuing that tradition with a quality life insurance company exclusively focused on the structured settlement market.”
“We are very proud to be able to offer Independent Life’s non-qualified fixed annuity as a funding source on our ever-expanding platform at Structures. It provides a great tax-deferral solution utilizing time-tested and proven methodologies - all from a company that really understands the settlement marketplace” said Sean J. Coleman, President and CEO at Structures.
To request a quote, please call 1.800.793.0848 or email email@example.com.
About Independent Life Insurance Company
Independent Life Insurance Company, a subsidiary within the Independent Insurance Group, is the first annuity provider to focus exclusively on the structured settlement market to help personal injury victims and their families. Independent Life Insurance Company’s goal is to provide trustworthy, competitive and innovative annuity products that professional consultants can easily integrate with other financial products and governmental benefits to produce optimum settlement planning solutions for personal injury victims and their families.
About Kenmare Assignment Company Limited
Kenmare Assignment Company Limited was established with a singular vision of providing unique financial solutions to clients with market leading transparency and security not seen anywhere else in the world. Kenmare offers its clients full access to its operations staff in Ireland, audited financials, and an in-depth dossier which outlines the numerous safeguards built into the program. Kenmare chose Ireland over less regulated countries because of government mandated third party auditing, oversight, and security requirements.
About Structured Assignments
Structured Assignments was founded in 2010 as an entity for the purpose of accepting non-qualified assignments of periodic payment obligations. It is guided by an esteemed Board of Directors, utilizes the Royal Bank of Canada (the largest bank in the Caribbean) for all banking needs and was established with advice from the renowned law firm Chancery Chambers.
VP of Marketing, Independent Life Insurance Company