Structured settlements are used to resolve physical injury claims by combining immediate cash and periodic payments in a way that helps to meet the injured party’s financial needs. Instead of receiving compensation for your injuries in one lump sum, you receive a stream of payments, tax-free, tailored to meet future medical expenses and basic living needs.
When a pension or retirement plan is terminated or a company ceases business operations, they can purchase an immediate or deferred annuity from an insurance company on behalf of their employee. The employee is defined as the annuitant or participant of the contract and is entitled to receive benefits under the insurance contract. These benefit payments cannot be assigned, alienated, or encumbered by any individual with an interest under the plan. As the issuer and payer of benefits, Everlake Life Insurance Company assumes the role and responsibility of service provider to fulfill the terms of each contract.
Retained Asset Account
A retained asset account is an interest-bearing settlement account, designed for times of transition – when you have immediate cash needs, but don’t want to make any big decisions with your money. The account is sponsored by Everlake Life Insurance Company and offers a variety of features and benefits that can help beneficiaries through the difficult time after the loss of a loved one.
- Peace of mindFunds are held in an interest-bearing account with fewer charges, fees and restrictions than what might be available on traditional banking or investment products.
- Liquidity & AccessibilityMultiple ways to access your account value including writing drafts (similar to checks), utilizing a debit card at ATMs and retailers, or via electronic ACH payments. Funds are available for withdrawal anytime.
- Account monitoringIn addition to personalized monthly statements, information on your account is available 24 hours a day / 7 days a week.
Long-term Care Insurance
Long-term care insurance is designed to help pay for services associated with a chronic medical condition. This coverage can provide peace of mind should you require long-term care down the road, protecting your personal savings and reducing dependency on family and friends as caregivers.