If you or someone you know has suffered a work-related personal injury or illness recently, they are joining the over two and a half million individuals who suffered the same as highlighted here! 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. 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. 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. 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.
If you are negotiating a structured settlement, you can always sit down with a professional to help you find the payment option that best suits your needs because there are plenty. 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.
Another factor to consider when you are trying to figure out if structured settlement is suitable for you is tax implications; most people who choose to be paid over time incur gentler taxes compared to those who choose to go for a lump sum upfront. 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.
Since the agreement can never be changed regardless of what happens, the only card you are left to pay is to sell the original agreement for a huge sum of money although it may mean substantial losses on your part. You are in a position to make an informed decision on whether to go for structured settlement when you have won a personal injury case or not. Discussed above is everything you need to know about structured settlement and when it may be a good idea for you.