When most people win a lawsuit, they generally opt for a lump sum. But actually, a structured settlement isn’t that bad either. While it’s nice to get a large chunk of money at one time, you might actually come out better by receiving your settlement a little at a time. With that said, check out the benefits of structured settlements below.
Money Management
If you are afraid that you might squander your settlement money, you can pace yourself and choose to receive a structured settlement instead. By doing so, you’ll get routine payments out of your lump sum and you won’t have to worry about spending all of it at once.
There are many horror stories of people winning the lottery or being rewarded a large lawsuit settlement and burning through the cash. That doesn’t have to be you!
Less Hassle
Unfortunately, winning a large sum of money has its downside. If your family or friends found out, you may feel pressured to share or help everyone financially. This could be a large burden, especially if you’re not used to the type of attention that comes with having lots of money.
It could put a strain on your relationships and put you in the position to burn through your funds quicker. However, by receiving your settlement in installments, you can avoid this problem altogether.
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Interest
In some cases, structured settlements build interest over time. Therefore, the payout is more valuable in the long run. You can actually accumulate more money over a span of years than if you were to settle for a lump sum.
If you are in need of money, then it’s understandable if you decide to get all of your funds at once. However, if you can afford to receive your compensation little by little, it pays to do so.
Consistent Payments
When it comes to receiving money from a structured settlement, you don’t have to worry about not getting your funds. The money will come to you on time according to the payment plan that’s set up. Not only that, but the economy doesn’t affect your payments.
If for some reason the market crashes or the economy is down, you can rest easy knowing that you’ll still get paid.
Furthermore, you can also have your payments go to a loved one if you were to pass away before receiving all of the money. That way, your family will be financially secure even once you’re gone.
To learn more about structured settlements, click the highlighted link.
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The Benefits of Structured Settlements
As you can see, there are huge benefits to structured settlements. They create a more organized way for you to receive your money, and you’re guaranteed to get your payments. So, do you think a structured settlement is right for you?
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