by John Darer® CLU ChFC CSSC RSP CLTC
You may request a change of beneficiary of your structured settlement provided that the terms of your settlement or the payment provider do not prohibit such a request. An example of where such change would be prohibited is if the payments are irrevocable designated to a trust, or where a portion of your payments were divided and payable to your ex-spouse as part of a divorce decree.
The request to change the beneficiary of your structured settlement should always be made in writing. In some situations the original beneficiary or contingent payee may need to sign off on a change before it is made. Always get a confirmation from the annuity issuing life insurance company that your change has been recorded in company records.
4structures.com®, LLC has a handy list of customer service contact numbers of current and former structured settlement annuity issuers.
If you previously sold some, but not all, of your structured settlement payment rights then there is a good possibility that your payments are being serviced by the settlement purchaser or a third party servicing company. You may need to make your request through them. You should still confirm in writing that the change was made with the life insurance company.