What is a Structure Settlement?
A structured settlement for physical injury or workers' compensation
claims is the payment of money where all or part of the settlement calls
for future periodic payments. If you are informed about all the ins and
outs of structure settlement, you will be able to make the best decision
for your personal finances. It's worth your time to take some time to get
all the needed information before you make any decisions regarding
structured settlement and annuities. There are so many options available,
you want to make sure you are making the best choice.
Should I Sell/Cash-Out?
Research has indicated that there are more than 400,000 individuals
nationwide that have been awarded structured settlements. Many of those
individuals experience a change during the annuity period that requires
large sums of money. If those individuals have other avenues to obtain the
required money, they should indeed explore them before selling their
annuity.
The first question that an individual should ask themselves is: Do I
need the money right now to buy a house or keep from filing bankruptcy?
(Any good reason would make sense.) Of course to go on a vacation or buy a
luxury automobile would not be a sound choice. Just keep in mind that
using your structured settlement should be a last resort. Only you can
really decide if the reason requires your cashing in this security.
Remember that primarily, you were awarded the money to help maintain your
previous life style before the accident and to take care of your needs.
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