When we say Ringler is the largest structured settlement company in America, it is based on the following data:
Every Ringler structured settlement is funded by life insurance annuity contracts from America’s top-rated life insurance companies. Life companies are strictly regulated to ensure that sufficient reserves are set aside for every annuity issued by the company.
Here is a list of the insurance companies we work with at Ringler. For complete details, click on a logo:
Structured settlements evolved because many leaders in private, public and non-profit organizations became increasingly alarmed at the number of injured people blowing through lump-sum payments because of poor financial decisions. Two recent surveys support these concerns, providing eye-opening reports on injured people who elected to take cash at settlement rather than a tax-favored structure.
The first survey, conducted by American General Life Companies (AGL) in 2007, showed that 57 percent of those who were involved in a personal injury case – and elected a lump sum payment at settlement – had nothing left. Only 12 percent reported having 75 percent or more of their cash settlement still on hand. Download study. The second survey, conducted by Prudential in 2013, found that as time goes by, more people who elected a lump sum at settlement felt they had less money than they expected. Many also added that they wished they would have put at least some of their settlement dollars into a structured annuity. View online.
No wonder that those who work with these cases – attorneys, mediators and other court officers, insurance professionals, and settlement consultants – have been increasingly supportive of the stability, security and guarantees provided by a structured settlement. (Read their own words.)
First utilized in Canada after settlements for children affected by Thalidomide, structured settlements were introduced in the United States during the 1970s. Since then state and federal officials have passed numerous laws and changes to the tax codes to make structured settlements even more attractive to injured people and their families.
Initially, the concept was used on large, catastrophic injury cases. Today, half of the cases structured by Ringler are less than $50,000. Most structured settlements include upfront cash for attorney fees, medical expenses and existing liens resulting from the injury. The defendant insurance company purchases one or more annuities from a highly rated life insurance company, which in turn makes the periodic payments to the injured party.
These payments may be made for virtually any length of time, even for the injured person’s lifetime. In the event of the injured party’s death, a guaranteed portion of the settlement may be made to his or her estate or a named beneficiary such as a spouse or child.
Since structured settlements first became popular in the late ’70s, the concept of using periodic payments to settle tort claims has become widespread. Today it is considered in virtually every large case, in workers’ compensation cases, and especially in cases involving minors. Settlement annuities also are being used in an increasing number of claims involving employment and discrimination, molestation, Medicare and Medicaid, environmental issues, and property loss, with heavy use in construction defect cases.
Structured settlements can make the settlement process a win-win solution for all parties involved in the settlement process.