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A structured settlement is a type of annuity which is granted to the winner or settling party of a lawsuit. It is an amount of money paid to affected persons as a means to right a wrong. These types of annuity payments are a lifesaver for people that have lost their job due to an accident or for those who need ongoing medical treatment. Structured settlements are made up of regular payments spread out over a short or long period of time.
Even if a monthly or yearly payment is guaranteed for years to come, life is unexpected and tends to come knocking at the most inconvenient times. Something as simple as a busted car engine can put any family in a state of emergency. Needing to pull together $2000 or more in a matter of days isn’t easy for anyone. For those families or individuals receiving payments from a structured settlement, they have the option of cashing out part of it to get back on track.
There are other reasons that can cause the need for cashing out a structured settlement. For example:
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