Who pays your New York Life structured settlement?
In the court orders below, the annuity is issued by New York Life Insurance Company and owned by New York Life Insurance and Annuity Corporation. The orders call them the "Insurers." Your own contract will name the issuer, the owner and your contract number. Keep those details handy for every request.
New York Life describes its structured settlement payments as fixed: its service page says the payments "cannot be changed" and that New York Life is "obligated to make the payments under the terms of the settlement." That's protection for you, and also the reason a court has to approve any sale.
How to contact New York Life
From New York Life's structured settlement Service Central page:
| What you need | How |
|---|---|
| Phone | (855) 469-5772, option 2, Monday to Friday, 8:00 a.m. to 5:30 p.m. ET |
| Service email | SSService@newyorklife.com |
| General email | SSInfo@newyorklife.com |
| Name change | Fax (908) 840-3880, email, or mail to New York Life Structured Settlement Dept, PO Box 30112, Tampa, FL 33633-1210, with legal documents |
| Address change | Change of Address form, filled in completely |
| Direct deposit | Authorization for Direct Deposit form plus a voided check or bank letter |
| Beneficiary change | Change of Beneficiary Request form; guaranteed payments only, and it needs New York Life's (and the owner's) approval |
New York Life says it does not have a client portal, so everything happens by phone, email, fax or mail.
Getting a remaining-payments letter
New York Life doesn't send regular statements. If you need proof of your payments for a mortgage, apartment, car loan or a buyer, call the service line and ask for a letter listing your remaining payments. It's mailed to the address on file and isn't sent by fax or email, so update your address first if you've moved. See income verification letters for what lenders want to see.
If a paper check hasn't arrived, New York Life asks you to allow five business days after the payment date before calling.
Can you sell New York Life structured settlement payments?
Yes, with a judge's approval. New York Life won't buy payments back, but you can sell some or all of them to a structured settlement buyer. The buyer files a petition, New York Life is served as an interested party, and the court decides whether the sale is in your best interest. If it's approved, New York Life sends the sold payments to the buyer and keeps paying you the rest.
No legitimate buyer skips court. Without a qualified order the buyer owes a 40% federal excise tax under 26 U.S.C. § 5891.
Four real New York Life deals from 2021
All four were approved in Brooklyn (Kings County Supreme Court).
| Order | Buyer | Payments sold | Cash to seller | Implied rate |
|---|---|---|---|---|
| Oct. 21, 2021 | Peachtree Settlement Funding | $500 of four 2021 payments, plus $933.58 a month from 2043 to 2057 ($158,841 total) | $25,000 | about 7.1% |
| Dec. 23, 2021 | Lion 13, LLC | $30,000 (2022) and lump sums of $25,000 to $250,000 from 2026 to 2051 ($805,000 total) | $211,000 | about 7.6% |
| Mar. 10, 2021 | Leaf 002, LLC | Parts of 2027–2030 annual payments, two $10,000 lump sums and $933.58 a month from 2034 to 2043 ($140,827 total) | $32,455 | about 10.2% |
| Dec. 9, 2021 | J.G. Wentworth | $319.09 of each $1,193.91 monthly payment, 2021 to 2028 ($26,804 total) | $17,246 | about 15.8% |
The implied rate is the annual rate at which the payments sold are worth exactly the cash the seller received, valued at the order date. It includes every fee.
What these four deals teach:
- Same insurer, a wide price range. The rates ran from about 7.1% to 15.8%.
- Smaller, shorter deals can cost more. The highest rate was on the smallest sale, which was the fifth slice of the same payment stream that seller had sold to the same buyer since 2014. Repeat sales add up.
- One payee sold to two different buyers in the same year. The Leaf and Peachtree orders involve the same contract and payee. That's allowed, but each sale needs its own hearing, and judges look harder at repeat sellers.
- Far-off payments are worth far less today. In the Peachtree deal, $158,841 of payments mostly due after 2043 brought $25,000.
Compare your own offer with these and other court records using the court deal benchmark.
How to sell New York Life payments the smart way
- Request your remaining-payments letter first. Buyers price from it, and it lets you check their math.
- Sell the smallest amount that solves the problem. See partial sales.
- Get at least three written offers for the same payments and compare net cash and the effective annual rate. The payout calculator shows what each rate costs.
- Think twice about repeat sales. Each new slice tends to be priced worse, and judges notice.
- Check the buyer's registration where required. See registered buyers by state.
- Prepare for the hearing. See the court approval process.
Talk to a financial advisor who has nothing to gain from the sale before you sign anything.