If you are receiving structured settlement payments from New York Life, your annuity was issued by one of the oldest and most financially stable insurance companies in the United States. New York Life has been in business since 1845 and maintains the highest financial strength ratings in the industry. We see New York Life contracts regularly and have a good working relationship with their Structured Settlement Unit.
Understanding Your New York Life Contract
New York Life structured settlement annuities are single premium contracts with no cash surrender value and no loan provision. You cannot call New York Life and ask to cash out your annuity. The only way to convert future payments into a lump sum is through a court-approved transfer to a licensed buyer like CSF.
Your policy number starts with either “FP” or “77” followed by a series of numbers. You will need this number when requesting a Verification of Benefits letter or when CSF files the court petition. If you cannot find your policy number, we can help you locate it through New York Life.
New York Life Entity Structure
You may see two different New York Life entity names on your structured settlement paperwork:
- New York Life Insurance Company — the annuity issuer. This is the company that makes your payments. Headquartered at 51 Madison Avenue, New York, NY 10010.
- New York Life Insurance and Annuity Corporation (NYLIAC) — a separate entity within the New York Life family that often serves as the assignee in qualified assignments. If your UQAA lists NYLIAC as the assignee, that is standard.
Both entities are part of New York Life. The original defendant's insurance company (the obligor in the settlement) is typically a completely separate company. For example, we have seen New York Life annuities where the original obligor was an unrelated insurer like American Continental Insurance Company. This is normal. New York Life assumed the payment obligation through a qualified assignment and funded it with an annuity.
How New York Life Payments Are Structured
We see several common payment patterns in New York Life contracts:
- Monthly payments with step-ups: Fixed monthly payments that increase to a higher amount at specific dates. For example, $280 per month for one year, then $265 per month for several years, then $780 per month for the final period. Each block has a defined start and end date.
- Life-contingent monthly payments: Payments that continue for as long as the annuitant is alive. These may be flat or include a cost-of-living adjustment.
- Life-contingent with COLA: Monthly payments with a 3% annual increase, continuing for the annuitant's lifetime. The increase date is specified in the contract.
- Guaranteed lump sums: Scheduled one-time payments on specific future dates, sometimes alongside a monthly payment stream.
Many New York Life contracts combine guaranteed and life-contingent phases. Do not worry if your contract looks complicated. We deal with this every day and can explain exactly what you have.
How to Get Your New York Life Benefits Letter (VOB)
Before we can give you an accurate quote, we need to verify your payment schedule with New York Life. Here is how to request your Verification of Benefits letter:
- Phone: Call (855) 469-5772 (Structured Settlement Unit, toll-free)
- Fax: (212) 576-3966
- Mail: New York Life Insurance Company, Structured Settlement Unit, 51 Madison Avenue, Room 809, New York, NY 10010
- Have ready: Your policy number (starts with FP or 77), full name, and date of birth
If you cannot reach New York Life on your own, call us at (800) 317-3769 and we can request the VOB on your behalf. We do this for customers all the time.
New York Life's Financial Strength
New York Life holds the highest possible financial strength ratings from the major rating agencies. They are one of only a few insurance companies in the country with a AAA-equivalent rating from A.M. Best (A++). This means your payments are backed by one of the most financially secure companies in the industry.
While this financial strength is reassuring if you plan to keep your payments, it does not change the math if you need a lump sum now. Whether your issuer is rated A++ or B-, the court-approved transfer process works the same way.
The Transfer Process for New York Life Annuities
- Get a free quote. Tell us about your New York Life payments and we will have an offer for you within 24 hours.
- Sign your paperwork. You can sign via DocuSign or with a notary we send to you at no cost. We can often advance you cash the same day.
- Court filing and notice. CSF prepares all court documents and notifies New York Life and other interested parties. The notice period runs 20 to 30 days depending on your state.
- Court hearing. A brief hearing where the judge confirms the sale is in your best interest. CSF handles all scheduling and legal presentation.
- Funding. After the court order is signed, funding can happen as quickly as one business day.
Why CSF for New York Life Annuities
- We know New York Life's process. We have dealt with their Structured Settlement Unit on many transactions. We know the FP and 77 policy number formats, the VOB turnaround times, and how their legal team handles court filings.
- Life-contingent expertise. Many New York Life contracts include life-contingent payments with COLA adjustments. We specialize in valuing these complex payment streams.
- Transparent pricing. The amount we quote is the amount you receive. Not a penny less.
- Cash advances available. Need money before the court process is complete? We can often advance funds the same day you sign.
- 4,000+ transactions closed. We have the track record and funding partners to close your deal.
The fastest way to find out what your New York Life payments are worth is to call us at (800) 317-3769 or fill out the form on this page. There is no cost, no obligation, and no pressure. We want to earn your business.