If you have a structured settlement or annuity from an insurance company, it can be both a relief and a confusing thing at the same time. Structured settlements are designed to give you the money that you deserve over time, rather than all at once. While this is convenient for the insurance company, and it means that you will have money coming in for years to come, it doesn’t always solve all your problems right away.
That’s why many people with structured settlements opt to cash out some or all of their future payments in return for a lump sum of cash. But it’s important to know some of the laws regarding doing this. As structured settlements became more popular, it was discovered that many people who receive them have immediate, expensive needs that couldn’t be covered by regular smaller payments, and so structured settlement funding became an option. But it also came to light that allowing people to transfer their payments in exchange for a lump sum of cash wasn’t always a good thing. So there are now laws that limit and regulate how you can go about doing it.
Courts will let you transfer some or all of your future payments to a trusted structured settlement buyer in order to let you do certain things with your money. You must have a very good reason for needing the cash payout; simply wanting it is not enough. Some of the reasons you may have for your lump sum payment include: urgent medical bills, paying for education for yourself or your children, buying a new home, remodeling your existing home to make it more comfortable if you are disabled, buying a car, or starting a new business. These are not the only reasons, but they are a good example of the kinds of reasons that will allow you to receive—a lump sum of cash for your structured settlement or annuity. What is important is that the need is one that the court can establish as a real need.
There are a lot of things that you can do with structured settlement now. If you’re not sure whether your needs may qualify, the best option is to speak with a professional who can tell you whether or not you may be able to transfer your future payments for a lump sum of cash. Get your quote for settlement cash today.