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. 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. 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.
When you have won a personal injury case and it is time to be paid you can choose the payment option that works for you with the help of a structured settlement calculator. There are several factors that go into determining whether structured settlement is a good idea when you have won a personal injury case. Since structured settlement can on for as long as twenty years of more, it is the perfect way to cover bills and other expenses if you the injury you sustained prevents you from working.
You should consider tax implications when you are trying to figure out the payment method to use when you have won a personal injury case and ready to be compensated; because a big lump of settlement of punitive damages can cost you a lot in taxes, you get a pass on compensatory damages. 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. Receiving structured payments means long-term financial stability, however, before you get into agreement, you should know that the original agreement cannot be change regardless of the challenges you face.
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. With the information on this guide you have the answers to all your questions and you see why structured settlements are preferred by most. Now you can make the best decision for you thanks to this important information.