A Primer on Structured Settlements

Posted by rightway Funding on November 29th, 2019

Personal injury cases are filed by individuals who got hurt because of somebody else's wrongdoing. They're classified into various categories, and the most common are the following:

• Car Accidents
• Slip and Fall
• Medical Malpractice
• Dog or Animal Bites
• Assault and Battery
• Libel, Slander, and Defamation

According to the law, if the plaintiff wins the lawsuit, they're entitled to receive a certain amount of money from the person who caused them harm. This compensates for the damage done to them by the defendant. They can choose to get the cash all at once in an arrangement called "lump sum." If they don't want that, they can try the second option called "structured settlement." If you're wondering what it is, continue reading to find out.

Brief Background

In a structured settlement, the defendant is allowed to pay the compensation over a certain period. The plaintiff usually opts to receive the payment monthly for 15 or 20 years. Aside from the 2 parties, a life insurance company will be involved in the resolution of the case.

If the defendant can't shell out enough money on their own, they can seek assistance from a financial institution, like Rightway Funding. Reviews online help the party ensure that they're speaking with a trusted firm that has supported many clients before.

Structured settlements are highly beneficial to the plaintiff. It's almost always the go-to resolution if they received a personal injury that resulted in a disability or a condition that requires long-term medical care. They often request the money to be delivered at their home to save them the hassle of going to the bank or finding an ATM.

This arrangement is also useful if the incident led to the death of a family breadwinner. In this case, the monthly payment will be collected by the victim's dependents, such as their parents, spouse, children, or immediate relatives.

Selling Structured Settlements

If you received serious injuries and can no longer work, you'll most likely rely on your monthly compensation for your expenses. However, you won't know if a time would come when you suddenly need a large amount of cash. Thankfully, some institutions purchase structured settlements.

If you're wondering how to sell your structured settlements, the process itself is simple. Get in touch with several companies to determine which one can pay a larger amount or can settle the account in a shorter period. Contact the firm you've chosen and speak with their agent. After both parties have agreed with the terms, all you have to do is wait for 3 to 5 business days before you receive the cash.