Getting their money over a period of time (instead of all at once) is a better option for many folks- it can be easier to manage and they don?t have to worry about spending it all ?by accident?.
I?ve known structured settlements to do a great job at protecting people from themselves.
Picking Up The Pieces When ?It All Hits The Fan??
The big problem and heartache is when ?life happens?? a.k.a. your financial situation changes and you?re in need of money ASAP!
Unfortunately, most lender?s will *not* loan you money against a structured settlement.
Too many people make the mistake of assuming this and finding out the hard way that it?s not going to happen ?
Here?s the kicker about the whole thing: Everyone else involved in your settlement? the attorneys and settlement brokers? they got paid *all* their money up front? the insurance company got a tax break for setting up your annuity!
Basically everyone except for you is making out great? and you?re the one who needs the money!
The good news is that a whole industry exists now because so many people need all the money now instead of smaller payments over time.
Selling Your Structured Settlement Annuity ? How It Works
You probably already know there are plenty of companies out there that will buy your annuity from you for a lump sum, cash payment.
Of course there is a cost? after all ? the company buying your settlement is doing so for their own investment purposes. They want to make money from it down the road and that?s just fine? everybody wins!
You can sell part of, or the entire structured settlement annuity at any point? it doesn?t matter if you?ve had it for years or just received it yesterday.
Keep in mind that the most important thing you can do is look closely at your financial situation with a trusted advisor and lawyer that specializes in structured settlements.
These 2 people are your best assets to help you make the right decision on when to sell!
Bottom line: If you have or are getting a structured settlement annuity it?s a great move to know your options ? whether you plan to sell or not ? so you can be confident of your arrangement and sure it?s the best fit for you and your family.
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