What is a Structured Settlement and when is it a Good Idea?
If you look at the statistics displayed on the this website, you will see that the number of non-fatal and work-related illnesses has been increasing significantly in the last few years. With millions of accidents occurring annually, insurance companies are always busy trying to help their clients find a suitable solution now after such a tragic accident. By reaching an agreement with the insurance company or reach a settlement agreement highlighted on this website, the type of payment you will receive is referred to as structured settlement. You will discover more about structured settlements in the following article.
In a structured settlement, the person who wins the case is paid offered a series of small payments over time by either a business or the insurance company. Since the people who win personal injury cases often face different financial difficulties, this type of payment comes with a great deal of flexibility; the entire amount can be paid on your terms provided it is not the entire amount is not disbursed upfront.
When you have won a personal injury case and it is time to be paid you can choose the payment option that works for you with the help of a structured settlement calculator. If you are wondering whether a structured settlement is the best option for you, the answer to the questions depends on more than one factor. Since structured settlement can on for as long as twenty years of more, it is the perfect way to cover bills and other expenses if you the injury you sustained prevents you from working.
By agreeing to be paid through structured settlements, you will be paying taxes of smaller amounts compared to someone who decides to get the entire amount in one lump sum settlement. Compared to receiving a lump sum that may be spent on one thing, you are better off with structured settlement where you will be receiving the money for years. You never know what may happen or change in the future but the structured settlement agreement will not be changed.
For someone with a structured settlement looking to get a substantial amount of liquid capital quick, selling the original agreement is always an option. If you have been undecided on structured settlement, this information might help you make the right choice. Discussed above is everything you need to know about structured settlement and when it may be a good idea for you.