Find answers to some of the most common questions about Structured Settlements below. For additional questions, please contact us.

Payments

When will my payment be sent out?

Payments being mailed: all checks are mailed nine calendar days in advance of your due date. To verify the exact date, please click on the following link to view our Check Mailing Calendar

Payments direct deposited: the payment will be deposited into your bank account on your due date. If your due date is on a weekend or holiday, the payment will be deposited into your account the business day before.

What is my payment due date?

Please refer to your Settlement Agreement for payment dates and amounts. If you are unable to locate your documents, please contact the Structured Settlements department.

What should I do if I have not received my payment?

Payments mailed: checks are mailed nine calendar days in advance of the payment due date. We ask that you wait 3-5 days beyond the payment due date to allow for mail delivery. If you still have not received your check, please call the Structured Settlements department to request a replacement check. If you have recently moved, please be sure to submit a request in writing to the Structured Settlements department requesting a change of address and replacement check with your signature.

For your convenience, we have posted a Payment Processing Calendar for you to verify when your mailed payment was processed.

Payments direct deposited: the payment will be deposited into your bank account on your due date. If your due date is on a weekend or holiday, the payment will be deposited into your account the business day before. Please call the Structured Settlements department to request a replacement check if you verified your payment was not deposited. If you have recently changed bank accounts, please be sure to submit the Electronic Funds Transfer form to the Structured Settlements department.

Structured Settlement Services available from 8:00 am to 5:00 pm EST at:
800-451-7065 option #3

**Please note: Processing time to reissue your payment varies depending on actions required to reissue.

What should I do if I lost or destroyed my check?

Contact the Structured Settlement Services department as soon as possible from 8:00 am to 5:00 pm EST at:
800-451-7065 option #3

Do I earn interest on my payments?

The benefit amounts are predetermined at the time of settlement and paid out according to the terms of the settlement agreement.

Are my benefits taxable?

To determine if your benefits are taxable, please refer to the terms of your settlement. If you cannot locate this information, please see section: “How do I obtain a copy of the contract that pays my benefits?”

 

Personal and Account Information

Can I change or update my information online?

No, a written request with your signature must be faxed or mailed to change or update information on contract.

Can I obtain the contract information online?

Liberty Life Assurance Company of Boston does not offer access to the contract online.

How do I change my address?

For your data security protection, all requests must include your signature. Please complete the Address Change form and fax, scan and email, or mail to the Structured Settlements department.

Alternatively, you may mail, scan and email, or fax a hand written request without the form referenced above. Please include your signature to change your address, as well as your name with the policy number and/or the last four digits of your social security number. If you were a minor at the time of settlement, please provide a copy of government issued ID.

**Please note: We require up to 5 business days for processing from receipt; therefore, you may receive one more payment at your previous address before your address change goes into effect.

How can I have my payment directly deposited into my bank account or make changes to my existing bank information?

Please complete the Electronic Funds Transfer form then mail, scan and email, or fax to the Structured Settlements department. Include a voided check for deposits into a checking account (we do not accept start checks). For deposit into a savings account, or when a voided check is not available, please have your bank representative complete section 3B of the Electronic Funds Transfer form. If you were a minor at the time of settlement, please provide a copy of government issued ID.

**Please note: We require up to 5 business days for processing from receipt; therefore, you may receive one or more payments by mail before the electronic transfer goes into effect.

How do I name and/or change my beneficiary(ies)?

Please complete our Beneficiary Designation/Change form and fax, scan and e-mail, or mail to the Structured Settlements department. The form requires a witness signature, who must be a third party adult not named as a beneficiary on the form. If you were a minor at the time of settlement, please provide a copy of government issued ID.

Please note the following:

  • The right to change beneficiaries is determined at the time of settlement and may be limited by the terms of your settlement agreement.
  • The most current beneficiary designation request replaces any previous designations.
  • Please confirm percent allocations total 100% for the primary beneficiaries listed and 100% for the contingent beneficiaries listed.

Primary Beneficiary: the person(s) you choose to receive the remainder of the proceeds in the event the payee dies.

Contingent Beneficiary: the person(s) you choose to receive the remainder for the proceeds in the event all of the primary beneficiary(ies) die before the payee.

**Please note: We require up to 5 business days for processing from receipt; therefore, you may receive one more payment with the prior name before the new name goes into effect.

How do I change my name?

Please complete our Address/Name Change form and attach a copy of legal evidence (e.g.: marriage certificate, driver’s license, passport). Please fax, scan and email, or mail the completed form and legal evidence to the Structured Settlements department.

Alternatively, you may mail, scan and e-mail, or fax a hand written request without the form referenced above. Please include your signature to change your address, as well as your name with the policy number and/or the last four digits of your social security number. If you were a minor at the time of settlement, please provide a copy of government issued ID.

**Please note: We require up to 5 business days for processing from receipt; therefore, you may receive one more payment under the previous name before your request goes into effect.

How do I obtain a copy of the contract that pays my benefits?

You may request a copy of the contract by telephone if your information (i.e. address or name) is up to date in our system by contacting the Structured Settlement department. After verification is completed, a copy of the contract will be mailed to you at the address we have on file.

If your information on file is not up to date, please submit a request in writing to the Structured Settlement department to update your information with your signature along with a request for a copy of the contract. Please be sure to include your name with the policy number and/or the last four digits of your social security number. You may mail, scan and email, or fax your request. If you were a minor at the time of settlement, please provide a copy of government issued ID.

**Please note: We require up to 5 business days for processing from receipt of request.

What should I do if my family member passed away and was receiving benefits from a structured settlement?

Contact the Structured Settlement Services as soon as possible from 8:00 am to 5:00 pm EST at:
800-451-7065 option #3

 

About Structured Settlements

Can I get a lump sum payout, take a loan against future payments, or cash out my structured settlement?

According to the terms of your settlement, funds for a given payment are not available until the scheduled payment date. The terms of your settlement cannot be altered and there is no balance to borrow against, use as collateral, or cash out.

How can a third party obtain information regarding my structured settlement?

You, as a payee may authorize a third party to acquire information about the contract that pays your benefits from Liberty Life Assurance Company of Boston (Liberty Life) in two ways. They may request information by phone or in writing. In order for a third party to access the contract information, the following conditions must be met:

Phone Inquiries

  • You must have the following information available:
    • Policy number
    • Your date of birth
    • Your social security number
  • You must be on the line with the third party and you must give the Liberty Life customer service representative permission to share your personal information with that third party on the line.
  • You must correctly verify your year of birth and the last four digits of your social security number to the Liberty Life customer representative.
  • We will require the third party name and contact information, including address
  • The following contract information may be obtained by a third party:
    • Policy number
    • The dates and amounts of your payments
    • The owner of your annuity
    • The issuer of your annuity
    • Your beneficiary

Written Inquiries

  • You must sign a release allowing the third party to obtain written information about the contract from Liberty Life.
  • Any release you sign expires twelve months from the date it was signed. If the third party wishes to obtain information about the contract from Liberty Life more than twelve months from the date the release was signed, you must sign a new release.
  • The signed release must accompany each request for information about the contract.
  • The third party must provide the name and address/fax number to where the contract information will be sent.

**Please note: All inquiries for contract information to be faxed MUST be in writing. If you have already completed a third-party transfer, the Liberty Life customer service representative is NOT able to confirm dates and/or amounts of the transfer. To obtain this information, please refer to your confirmation letter(s) or contact the company with which you completed your transfer.

Where can I get more information about Structured Settlements?

Liberty Life is a member of the National Structured Settlements Trade Association. Please click on the link below to visit the NSSTA website that offers additional information regarding structured settlements.

 

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