You never imagined that you would be injured in a public place. You were simply walking along, minding your own business when someone hit you. The accident was the fault of misuse of the company machine and you were the one left to sustain the injury. You were rushed to the medical center, where you were forced to rack up medical bills. You also had to take time off of work, a job that you rely on to provide electricity and food for your family. Fortunately, you are able to settle with the company, and are provided monthly payments that will cover your injury costs.
Although the structured payments that you receive are likely very helpful, they may not be enough. This is especially true if you are required to visit a lot of medical providers and if your injury is chronic. You may need special medications and services regularly. You may also be forced to take a lot of time off of work. You often wonder why you could have not just received your full settlement amount in full. The full amount would have been more helpful that increasing your monthly income a little, especially when you may not be receiving any monthly income as a result of your injury.
Some payouts may not be immediate either. You may be required to wait many months for your settlement to kick in, requiring you to pay out of pocket for medical and medication costs. With an immediate annuity, you can generally start receiving payments in about 30 days. Fortunately, you may have the option to get cash for your settlement, even if you have not yet begun to receive settlement payments.
When you get cash for your settlement, you are essentially selling your structured settlement and allowing someone else to buy structured settlements. The company is likely to charge a small fee, but the fee generally comes off the top of the loan amount or in small monthly payments. Selling off an annuity can cost surrender charges of up to 10%. Either way, most people find more benefit when they get cash for your settlements.
When you get cash for your settlement, you are also increasing your financial freedom and setting yourself up for a secure financial future. When you suffer an injury, you may be worried about paying your bills and adding to your retirement account. However, with cash for annuity now, you can ease your worries and begin your financial pathway again.
More than 37,000 Americans use structured settlement money each year. Structured settlement payments are actually very common when it comes to lottery winnings and lawsuit payouts. They are often encouraged, because they are easier to pay. However, they are not always the best option for the payee. The payee is unable to decide what they want to do with their large amount of money. They are unable to do things like purchase homes, purchase vehicles or take time off of work, if needed.
If this information has you interested in selling your annuity, and you are wondering, can I sell my annuity? You likely can. You can work with a settlement company in getting an accurate calculation of your expected lump sum payment. You should also inquire about fees that will be charged.
Many lawsuit settlements are paid out in monthly, structured payments. This may not always be the best option for the lawsuit winner. A simple injury can incur many charges, including medical and time off of work. You have the option to sell your structured lawsuit payments for a larger lump sum payment. This payment can help you cover your medical expenses and any needed time off work.