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Structured Settlements


Product Benefits

Structured settlements have a unique status under the law, so the income is paid completely tax-free. Benefits are guaranteed by Amica Life's parent company, Amica Mutual Insurance Company, for maximum safety and security. Our experienced employees provide you with product expertise and friendly, efficient help throughout the settlement process.

When compared to other settlement plans, the Amica structured settlement provides great value to the injury victim. In addition, our structured settlement plan:

  • Helps maximize settlement dollars
  • Matches future needs (financial and/or medical) with a specifically designed stream of income
  • Eliminates investment risk
  • Provides a competitive rate of return
  • Contains no added costs or investment fund management fees
  • Can provide lifetime benefits with rights of survivorship
  • Means each annuitant becomes an Amica customer and is entitled to individualized attention as part of our award-winning customer service
  • Provides non-Amica customers with a no-cost, qualified assignment from Amica Mutual for maximum financial security

Amica's Structured Settlement Difference

Structured Settlement vs. Traditional Annuity

FEATURES STRUCTURED SETTLEMENT ANNUITY TRADITIONAL ANNUITY
Premiums Defendant pays Consumer pays
Ownership Defendant or assignee owns Consumer owns
Security Life company assets/assignee/guarantor/state fund Life company assets/state fund
Design Types Immediate and deferred Immediate and deferred
Payment Types Single premium Single/multiple premium
Interest Types Fixed Fixed and variable
Tax Treatment Tax-free Generally tax-deferred
Guaranteed Rate Current offered rate Initial/renewal/guaranteed minimum
Fee Charges No fee charges (premium tax some states for pre-1997 W/C) Surrender/withdrawal/other fees Contract fee
Features

Life only

Life and period certain

Joint and survivor

Age-rated life

Life only

Life and period certain

Joint and survivor

Age-rated life

Upon Death

To beneficiary

Discounted value

To beneficiary

Discounted value