5 Reasons You Might Receive Structured Settlements
You may know a little able what a structured settlement annuity is, but you may not be aware of all the different reasons why a person might receive one. More than 37,000 people in the United States use structured settlement money each year. Structured settlements may be awarded for several reasons; some are agreements that come about when someone gets hurt, but there are other instances where a structured settlement annuity may be given. These monthly payments can sometimes benefit their recipients, but it may be a better option to sell your structured settlement payments. Here are five reasons why someone might receive a structured settlement annuity in the first place:
One of the most common reasons for receiving an annuity settlement stems from an injury. Often, these injuries result from a car accident, but they could also stem from a different type of accident (where another party is at fault) or an assault.
If you are injured on the job and file a worker’s comp claim, you may be compensated with a structured settlement annuity. Dangerous work conditions can result in serious injuries, and if you’re on the job, your employer may very well be legally at fault.
One of the happiest reasons to receive structured settlements is because you’ve won the lottery. Some people opt for a lottery annuity in lieu of a lump sum payment. This is helpful if the winner wants to receive regular monthly lottery payments tax-free instead of a big taxed payment.
Malpractice or Wrongful Death
In the case of malpractice and neglect, an annuity may be paid to the family in a wrongful death suit. Although the reason is tragic, this money can help the family in a time of need — especially if the person had no assets or will.
Sometimes, one of the payment options for the winner of a lawsuit includes a structured settlement agreement. The winner will receive the money to which they are entitled over time, instead of all at once.
Whether you’re receiving payments as a result of an injury case or a lottery win, you may want to considering selling your structured settlements in order to pay hefty medical bills or get yourself out of debt. Doing so can secure a great future for yourself and your family. You don’t have to wait for a payment every month; instead, sell your annuity payments so you have access to the money you rightfully deserve.