Independent Insurance Group Announces Launch

By a News Reporter-Staff News Editor at Insurance Weekly News -- Company officials announced the launch of the Independent family of companies including subsidiary affiliates Independent Life Insurance Company and Independent Life Assignment Company. Independent Life will be the first annuity provider to focus solely on the structured settlement market to help personal injury victims and their families. The Texas-based company will complement the industry's current life insurance carriers that offer annuities to fund structured settlements from their larger suite of insurance products. Independent Life Assignment Company will work with settlement advisors to craft customized payments streams that best meet the financial needs of personal injury victims and their families and will fund those streams with custom annuities from Independent Life.

A structured settlement is a negotiated financial arrangement where a person, who receives a settlement related to a worker's compensation or personal injury claim, agrees to receive tax-free periodic payments on an agreed schedule, rather than as an immediate lump sum. The responsibility to make those future payments as negotiated in the personal injury settlement is taken on by an assignment company and funded by a licensed insurance company. Frequently, the parties seek structured settlements because claimants are deemed incapable of managing their finances independently or are too young or because it offers guaranteed, attractive benefits they cannot match on their own.

Keywords for this news article include: Insurance Companies, Investment and Finance, Independent Insurance Group.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2018, NewsRx LLC