Many times when a lawsuit is settled among two parties, the defendant (an individual/company being sued or accused) proposes to pay the amount in installments instead of paying a single lump sum amount at once. When a settlement amount is paid in this way, we called it a structured settlement. Normally it is created via purchase of one or more annuities who guarantee the settlement payments.
With the increased reliability on structured settlement, it is advised to know the benefits offered by it. This is because many times, the claimant (who files the case) is not aware of the benefits available and hence cannot take full advantage of the situation. This makes other party escape with the cheapest solution possible. Many times, the defendant prefers to pay the settlement amount in lump sum. However getting payment in installments is more beneficial for the claimant. Therefore, it is very important to keep in mind the amount you are going to receive and the mode of payment.
Below are the major benefits of a structured settlement:
1. Reliable monetary resource:
Generally, structured settlement is not a source of income. However, it can be taken as a blessing in disguise for those people who are severely injured and are unable to meet the ends of life anymore. If both parties agree on monthly or annual installments, then claimant gets a lifetime security of getting periodic amounts of cash over time. This money can be used to meet the financial needs of claimant and his family. The mode of payment is decided by both the parties and the transaction usually takes place between the claimant's insurance company and defendant's insurance carrier.
2. Security and Flexibility:
Structured settlements are more secure and flexible. There is the flexibility of paying money all at one, or in installments. Depending upon the nature of loss, structured settlements can last for the lifetime of the payee. If he agrees to get settlement money over the course of his or her lifetime then it gives the security of getting a steady amount on regular basis. In case of financial loss, it ensures that the loss is not too big and they will be getting a substantial amount of money ahead. Based on the type of structured settlement opted, if the recipient passes way during the course of time, then the beneficiary still has the opportunity to receive the payments.
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