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January 28, 2008

Symetra "Hard Sell" vs Allstate "AFEN"

In the past a number of settlement planners, including some of the known "structured settlement factoring vig takers", criticized AFEN (Advanced Funding Exchange Notice), a rider that is included on all structured settllement annuities issued by either Allstate Life Insurance Company or Allstate Life Insurance Company of New York.

The AFEN rider provides the ability to exchange future periodic payments for cash in hardship situations, provided strict guldelines are followed, including obtaining a "qualified order". To Allstate's credit, when the AFEN was introduced it was determined that existing Allstate annuitants would also qualify. Extending new product features to existing policyholders (in this case annuitants) is nothing new to the insurance industry. In this case, notices were sent out to those existing annuitants whose structured settlements were established prior to 2003. According to sources confirmed by this author today, it was recently determined that best efforts have been made to notify all existing annuitants and that NO FURTHER NOTIFICATION MAILINGS will occur. Annuity contracts issued since AFEN was introduced include a copy of the notice.

Unlike the aggressive approach employed by Symetra Assigned Benefits Service Company business the Allstate AFEN program is very passive, according to my sources . Allstate's AFEN unit has a toll-free number 866-739-2318, which is manned by one person and a back up. A call to that number today reached a voice mail. There is no gigantic call center. The AFEN unit will only respond to annuitant initiated inquiries.

That being said, if you are receiving structured settlement payments and you (1) are having a hard time financially; (2) contemplating a business deal; (3) contemplating paying off debt; (4) contemplating a major or minor purchase and you have been tempted to sell the rights to your structured settlement payments, contact a financial professional with no financial interest in the transaction to help you evaluate your options.

Previous Structured Settlements 4Real posts containing discussion and/or references to the Allstate AFEN Rider

The Water Buffaloes or Oz? (6/2006)

Thankfully It's A Free Market (6/23/2006)

Factoring Broker Gives Allstate A Bend Over, But Their Tushie Isn't Red! (12/15/2006)

Posted at 11:49 AM in Allstate Structured Settlements and Structured Payment Solutions, Bronx New York Structured Settlements, Buffalo New York Structured Settlements, CT Structured Settlements, Judges Responsibility and Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New York City Structured Settlements, New York Structured Settlements, NH structured settlements, NJ Structured Settlements, North Carolina Structured Settlements, NYC Structured Settlements, Oregon Structured Settlements, Philadelphia PA Structured Settlements, Rochester Structured Settlements, Settlement Planning Issues, South Carolina Structured Settlements, Structured Settlement Information, Structured Settlements, Structured Settlements Arkansas, Structured Settlements Florida, Structured Settlements in California, Structured Settlements in Connecticut, Structured Settlements in Florida, Structured Settlements in Georgia, Structured Settlements in Maine, Structured Settlements in Maryland, Symetra Structured Settlements, TX structured settlements |

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Guide to Structured Settlements 2024

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    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
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    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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