When you suffer injuries in a car accident or any other type of injury case, it can be hard to make sure that you actually get paid. Even winning the case doesn’t mean that money will exchange hands anytime soon.
Creating a structured settlement is a great way to make sure you get paid in a way that is ongoing and in full.
If you’re dealing with a personal injury case, read on to learn more about structured settlements.
1. Understand What a Structured Settlement is and When It is Applicable
Instead of waiting for a lump sum check, a structured settlement is an agreement that lets you get your payment in installments. This happens in the form of an annuity that ensures you get a regular payout over a set amount of time, and sometimes for your entire life.
These settlements are created in a number of situations, to include medical malpractice and workers compensation.
2. Learn the Structured Settlement Process
There are a number of companies that offer structured settlements, so learn as much as you can about the process.
First off, you have to actually file the civil case to make sure you have legal grounds to stand on. Either the case will go to trial and you’ll appear in front of the judge and win, or the other party will form a structured settlement with you so that they don’t have to go through the court process.
Both parties will work with a mediator that can help arrange a structured settlement that is fair for everyone involved, and that pays the amount of money you are entitled to.
Once the amount is agreed on, the other party will purchase an annuity plan and set it up so that you get payments on a regular basis.
3. Reach Out to Companies That Pay These Settlements
It’s important to forge an agreement with an insurance company that can set up an annuity.
In doing this, you’ll need to research them the same way you would if you were buying medical insurance or a homeowner’s insurance plan. This way, you’ll be able to count on them and will know that your annuity will be honored without setbacks and issues.
4. Figure Out How Much Your Case is Worth
Don’t shortchange yourself when it comes to determining the worth of your case. This means that you will need to pay for everything from your initial bills to ongoing rehab, therapy, and prescriptions.
In recent years, the average car accident payout was about $24,000, according to studies. Once you know exactly what kind of injuries you have, you will be better able to get the right dollar amount to take care of yourself.
Seek the Best Structured Settlement For Your Needs
Getting a structured settlement is part of the process when you are healing up from a personal injury case. Now that you know more about these settlements, you’ll need to get in touch with professionals that can address your needs.
Consider these tips and check back for more of our content!