Structured Insurance Settlement
Structured settlements are contract or agreement between two or several parties
, often meant to be a settlement to insurance claims. The idea of purchasing a structured settlement can be quite beneficial. The structured settlements are basically the settlements that are made by and investment or insurance company against the damages or claims that are declared or quoted in form of lawsuits. The payments for the damages are paid by the insurance company in form of installments which are called structured settlements.
Description
Structured settlement can be described as an arrangement that an individual makes with an investment company, financing agency or any third party that is liable to pay money for the damages that would have incurred. Whether the receiver needs money in lump sum or he agrees to receive structured settlements, the third-party is bound to pay at any cost. The receiver may also urge the financial institution to invest the money that he/she are meant to receive in any alternate plan depending on receiver's personal requirements.
Selling Structured Insurance Settlement
In case you want to sell your settlement, it is important that your pinpoint the reason behind it. In case you're selling it because of some immediate financial need, it is always a good idea to go ahead with the sale. But, if it is not an immediate financial need then you may be jeopardizing the future by going ahead with selling the settlement. However if you have already decided to sell the insurance settlement then you must find potential buyers and speak with a number of them so that you get the best deal for your money.
The best way to go about selling structured insurance settlement is by hiring an attorney who can check the sales contract and other legal documents before you go ahead with the sale. This will help in ensuring that you are getting exactly what you wanted out of the structured insurance settlement sale.
Considerations
While you communicate with a financial planner make sure that you seek information on extra tax liabilities that would incur. It is quite a possibility that your structured settlement loses its current monetary worth in several years to come. The reasons could be inflation and market rates. Also note that your structured insurance settlement sale would involve a fee, so you will not be receiving the full settlement amount in case you go ahead with the same. Investigation about all these issues are must before you finally sell your structured insurance settlement.
by: Brian Sibet
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