structured insurance settlement
A structured insurance settlement is an agreed upon amount determined by both parties after settling a judgment. Instead of a lump sum payment, the claimant establishes a structured payment schedule to receive the settled amount. The payee's insurance company sets up an account usually through a life insurance company to hold those funds and distribute payments. If the sum of the settlement is large enough it is sometimes more prudent to split the settlement between two life insurance companies or a life insurance company and US Treasury bills.
If you sell your structured insurance settlement most purchasers allow you to sell a portion of your settlement payments and leave an option open to sell the remaining portion at a later date. This option is beneficial for emergency situations when you need cash immediately. This can include but are not limited to:
- Medical expenses
- Debt elimination
- Education costs
- New home or automobile purchases
- New business opportunities
- That dream vacation you've been putting off
To sell your structured insurance settlement you first appraise how much your settlement will be worth in the future. Then, a structured settlement company will buy those payments discount it by some factor and pay you a lump sum figure. Most settlement buyers will give you a free quote so that you can make a conscious decision before sell out.
Your situation is evaluated by the settlement purchasing company to meet your specific needs. Then it can be determined whether to sell a few months, a few years, or partial month amounts of your settlement.
American Settlement Fund can help you evaluate how much of your structured insurance settlement to sell to get the money you need and still retain the maximum amount of your remaining payments. Fill out the online form today for a free consultation.
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