If you have been the victim of workplace injury, personal injury, or you have been involved in a major accident, you might receive a settlement amount from a lawsuit to help compensate for pain and suffering. To get the most out of the experience, it might be in your best interest to work with dependable structured settlement brokers who fully understand the process.
What Is A Structured Settlement?
Structured settlements are fully negotiated and tax-free settlements from a lawsuit that gets disbursed to the claimant via a set of pre-determined payments. Personal injury victims are those who are eligible for a structured settlement, and this agreement manages the terms of the settlement. The annuity contains the dollar amount that the victim of the incident will collect over time.
Some of the types of examples of a personal injury case that may result in a structured settlement include:
- Workplace accidents
- Slip and fall accidents
- Motorcycle crashes or car accidents
- Ill side effects from pharmaceutical drugs
A structured settlement will guarantee that the recipient gets installments that are tax-free throughout the life of the settlement. A lot of the structured settlement contracts will allow the claimant to give the name for a beneficiary in the case of their untimely demise. This is a clause that provides for the rest of the payments to then transfer over to the recipient.
Many people will look at a structured settlement as a type of financial asset that you can sell or have assigned via court order. When you work with structured settlement brokers, you have the chance to sell your structured settlement annuity for cash that can be used for things like:
- Investment or business opportunities that are time-sensitive
- Medical bills and related expenses
- Home renovations or a new home purchase
- Important financial obligations
- Paying for educational costs, such as tuition for college
Selling Your Structured Settlement
An insurance company is what owns the structured settlement or annuity, not the person. These companies are responsible for holding these funds and then disbursing it according to the guidelines detailed in the contract. Should you sell all or a portion of your settlement, you are selling the right to any claim to future payments instead of a piece of the annuity.
There are certain benefits that come with selling your structured settlement, such as the simple fact that they are tax-free. These settlements also guarantee your income flow, which will generally span several years. Payments are also never impacted by changes in the stock market.
Do you want to learn more about selling your structured settlement to receive a lump sum for one or more significant expenses that you have? We can help you at We Pay More Funding. We are the top structured settlement brokers in the field today, and we have trained personnel who are ready to talk with you about getting you the money that you need in a timely fashion. Once you get in touch with us about your structured settlement payments, we can get started on putting together a plan to cash it out for you.
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