Reader Question Can you help me understand life insurance structured settlements and how I can get my money from my insurance company? I have been waiting on a payment for almost 1 year and I am loosing patients with them. I also want to switch my life insurance policy to another company if you have a recommendation for one I would appreciate it.

Joyce,

Structured settlement is a term of art used to describe the settlement of a tort claim by way of a series of future installment payments. These payments are made at fixed dates in the future and are often monthly payments or lump sums although virtually any type of payment arrangement can be structured.

Structured settlement is also preferred by the paying party, which is usually an insurance company, as they have to pay less than what they would have to pay a claimant if the litigation had been successful for him. This is beneficial for the defendant too as he saves on court expenses and attorney fees.