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. Even with the massive increase in these numbers recently, only a handful of the cases end up in court as most are resolved through negotiations between insurance companies on this website. Structured settlements is the payment one gets when he or she has won a personal injury case and is to be compensated for the damages. To know what structured settlements are and when they make sense, read more now!
First you have to know what structured settlement is, which is where you are offered a series of small payments by an insurance company which you can know more about if you click here. If you are to be compensated through structured settlement, the first thing you should know is that the payments can be customized to meet your unique needs; you are allowed to ask for a larger first payment while the rest is divided equally over time.
The flexibility of this payment method is often displayed by the different payment options available for clients to choose from; it is all about finding a schedule that works for you. 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. Annual payments are usually suitable for people who are unable to go back to work because of the injuries they sustained; they can effectively replace your monthly salaries for years.
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. Structured settlements often make sense for people who are interested in their financial stability over a long-term period; the longer the settlement period continues, the ore your situation is likely to change. You never know what may happen or change in the future but the structured settlement agreement will not be changed.
If you decide that you want to invest in a property or need money to cater for medical bills due to unforeseen setbacks, you can always sell your agreement for a lump sum. 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.