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Prudential - Structured Settlements

Prudential is an insurance company that offers a broad array of products, including life insurance, home and auto insurance, real estate services, and a number of other financial products. One product that they aren't known for are structured settlements. This is despite the fact that Prudential has been arranging and paying out structured settlements for over 30 years, and are one of the biggest insurance companies in that niche.

Structured settlements usually arise from a court case or a lawsuit where one party wins financial compensation for damages endured. The damages must be paid by an insurance company. While some larger companies have the ability to self-insure, smaller and medium sized firms usually must rely on a life insurance company like Prudential to handle their structured settlement payments.

Defendants pay a lump sum to the life insurance company, usually less than the expected payout, and the company uses that money to generate interest while disbursing payments for the structured settlement agreement. The insurance company makes a profit off of the interest earned on the defendant's lump sum payment, the defendant saves money, and the claimant gets surety that they will receive the damages that are owed to them. This system protects everyone and seeks to provide the optimal outcome in what is inevitably a challenging and difficult situation.

Like most structured settlement providers, Prudential does not list rates or fees on their website. This makes sense for a number of reasons. First, each structured settlement is unique, and thus will require different amounts of work and types of work, and so the company will need to charge different rates and fees to be profitable. As a result, you will have to contact Prudential to get a consultation on your particular situation. Another reason few companies list rates and fees for structured settlements is due to the complex nature of these kinds of agreements, and so there is no feasible way to establish a one size fits all style policy on pricing for them.

Prudential offers a number of different options and products for structured settlements. These are designed to give maximum flexibility to all parties involved so that everyone can achieve the best possible outcome in a challenging situation. These include products that are structured to avoid taxation, settlement agreements that ensure claimants cannot outlive their benefits, immediate and deferred payouts, single and joint life annuities, joint and survivors' life annuities, and many other structured settlement and annuity products.

While there are many life insurance companies that offer structured settlement options, Prudential is one of the oldest and most well-known, even if its structured settlement products aren't frequently advertised or talked about.

Prudential also ranks highly among insurance companies when it comes to customer service, which is a quality that cannot be undervalued when it comes to setting up structured settlements. As previously stated, these products are complicated and having the appropriate customer service can make understanding them much easier. If you are setting up a structured settlement, Prudential is certainly worth getting a quote from.