Injured? Receive a Structured Settlement

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What are annuities

Accidents always happen — we are only human after all. But when an accident happens are injuries are involved, its time to get serious about how to recover, and recovery isn’t just about heading to the hospital. Those who are injured on the job often receive structured settlement cash, with more than a third of personal injury claimants being offered a structured settlement.

Structured settlements are widely used in liability or injury cases; they are a financial or insurance arrangement made by the claimant and insurance company in order to receive periodic payments on a fixed schedule. Structured settlement money is either distributed via these periodic payments, or can simply be paid out as a structured settlement lump sum.

A lump sum payment is when the claimant asks the insurance company to hand over all of the money they are owed from the case. However, the best option would be to not receive a lump sum payment because most often people do not know how to manage their money all at once. Structured settlement funding companies ensure that people wait to obtain funding from their settlement case.

Receiving a payment once a week, month, or year (depending on the severity of the case) is the best option for most people. Often times, defendants and their liability insurers can save anywhere from 10% to 30% by using a structured settlement.

Receiving structured settlement cash wasn’t as popular an option then as it is now. In 1982, Congress adopted specific tax rules to encourage the use of structured settlements in order to resolve physical injury cases. These tax rules curbed people’s desire to obtain a lump sum because, if you sell the settlement too early, there are often steep taxes on the lump sum.

But what if you are interesting in selling your structured settlement? Aside from high taxation, some people sell their settlements because they have run into further financial trouble. For example, a single parent with three kids who was injured on the job but has pre-existing debt may ask to sell their structured settlement to pay off those debts.

Structured settlement cash, along with annuities, are a great way to save money and manage the money you received from a claim. In a study of over 1,750 commercial liability injury claims, 12% resulted in structured settlements. Always be sure to do further research in order to determine if a structured settlement is right for your injury claim. See this reference for more:

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