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. With millions of accidents occurring annually, insurance companies are always busy trying to help their clients find a suitable solution now after such a tragic accident. When you win your case or reach a settlement agreement, you get payments that come as structured payment as indicated on this page. Keep reading to learn everything you should know about structured settlements.
If you win a personal injury case, you will be paid the settlement amount in small installments over a period, which is what is referred to as structured settlement. 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.
The flexibility of this payment method is often displayed by the different payment options available for clients to choose from; it is all about finding a schedule that works for you. If you are wondering whether a structured settlement is the best option for you, the answer to the questions depends on more than one factor. 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.
Another factor to consider when you are trying to figure out if structured settlement is suitable for you is tax implications; most people who choose to be paid over time incur gentler taxes compared to those who choose to go for a lump sum upfront. As you can see, choosing structured settlement means you will enjoy financial security so as long as the settlement period continues. But one thing you should remember is that the original settlement cannot be restructured regardless of what changes in the future.
Since the agreement can never be changed regardless of what happens, the only card you are left to pay is to sell the original agreement for a huge sum of money although it may mean substantial losses on your part. You are in a position to make an informed decision on whether to go for structured settlement when you have won a personal injury case or not. Use this comprehensive guide to gather all the relevant information about structured settlement. Check out more details about this service.