Structured Insurance Settlement

Structured Insurance Settlement

As a hardworking American, you always run the risk that you may get hurt sometime throughout your life. Whether it’s an accident on the road, at work, or in the home, an injury can occur at any time or place. There are some things to consider when this happens, so that you can get the recovery time you need, as well as the money to fully cover you. Instead of just taking the stack of money that winning an injury compensation case will get you, why not take the alternative route by accepting a structured insurance settlement?

What is a structured settlement, you ask? After getting injured, you may find yourself in court settling the matter at hand with a defendant by your side. As a plaintiff, you will be given the choices of taking a large sum of money up front, or to take a structured settlement. A structured insurance settlement isn’t a one-off payment, but gives you the money in a series of payments over a certain period of time. In other words, it feels more like an income, receiving money regularly over the days, weeks, or months that you need to recover fully from your injury.  This is a nice way to receive your money, in increments that you can look forward to, that can get you the money you need.

The payments that you would receive in a structured insurance settlement are usually built upon the insurance company that is committed to building pensions for their claimant. These pensions, or annuities, are investment products that are created to expend to the injured person a regular income. In a lot of cases the annuities form the very backbone of the settlement itself. And depending on the size of your settlement, you don’t even have to use just one insurance company. Using a couple can give you the security you need, because your settlement would be divided amongst these companies. In the event of one going bankrupt, you would still be receiving your payment through the other insurers you are going through.

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Why would you choose a structured insurance settlement for injury compensation, over receiving one big sum of money? One of the biggest reasons is the security you feel by receiving a regular income that you couldn’t get if you weren’t working otherwise it also helps you as the injured person, receive money the whole time you are out while recovering. Sometimes recovery can take a while, and the settlement can give you a steady amount that you can spend or use wisely. On the other hand, if you receive the one big lump of money, it could be spent and gone within days. As you can see, a structured settlement could be the ideal option for you, giving you the money you deserve in the time and increments you need to make a full recovery.