You’re driving to work when another car crashes into you. Not only are you out of a vehicle, but you’re injured. It’s going to be a while before you can go back to work and hospital stays aren’t cheap.
You also have a ton of other bills piling up that aren’t going to wait until you get better. How are you going to get by?
The answer is structured settlements. These are reoccurring payments that you can use to cover your medical expenses and other bills until you go back to work.
Curious about what these payments can do? Keep reading to learn everything you need to know about structured settlements.
What are Structured Settlements?
If you get into a car accident, slip and fall at work, or experience negative side effects from a pharmaceutical drug, you can sue for compensation.
If you agree to take a structured settlement, you’ll receive periodic payments, and the plaintiff will be relieved from their obligation. It’s a win-win for you both.
You Can Opt for a Large Initial Payment
The best part about structured settlements is that you can sort of customize your payments to appear in your account when you need it the most.
For example, if you’re unemployed due to an accident, you can opt for a large initial payment to cover all of your bills for the time being.
If you got into a car accident, this huge initial payment can either fix the damages or buy you a new car.
The Payments Can Increase or Decrease Over Time
Some important structured settlement facts that people don’t consider is your payments can increase or decrease over time.
If you can go back to work after your accident, you can design your payments to start large and decrease once you start bringing in a paycheck again. If you can’t go back to work, you can plan for the opposite.
Is a Structured Settlement or Lump Sum a Better Deal?
Whereas a structured settlement is frequent payments, if you agree to a lump sum set up, you’ll get a single huge payment all at once to cover everything. That’s it.
You won’t see a cent more once that big check goes into your account. This works better for some people. For example, if you need to replace your car and get caught up on your bills, receiving all your compensation at once may be the way to go.
Either way, Rightway funding will make sure you get your money. You can go here to find out more.
Important Structured Settlement Information to Keep in Mind
If you’re injured on the job or get into a car accident, you may be entitled to structured settlements. These are periodic payments that go into your account that you can use on medical expenses and other bills while you’re out of work.
Talk to your lawyer today to find out if this form of compensation is right for you.
If you’re looking for more structured settlement information, we’ve got you covered. Check out our blog for all the latest financial information.