Structured Settlements
Structured Settlements
what is Structured settlements ?
Let’s say that you won the lottery, won a court settlement, or was the beneficiary of a death claim on a life insurance policy.
A structured settlement would be how your claim would be paid by contract rules or your settlement settlement option.
If your settlement option was to receive the proceeds in any other way except in full, such as monthly, quarterly, or annual payments, for a preset period of time, such as 10, 20, or 30 years. That would be a structured settlement.
It would be better to take the lump sum option instead of a structured settlement and invest it yourself, because there is a possibility that you may not live until the end of the settlement term, and not be able to collect the full benefit.
The proceeds from a life insurance policy on a death claim can be taken for life, with a 10 or 20 year certain option, but if you died during that option period, the maximum time the structured payments would be made to your survivor(s) would only be to the end of that option period.
If you would take a life only payment settlement option, and you died the next month, the payments stop, and no one gets the balance. The organization that is paying the settlement keeps the balance of the funds.
Structured Settlements & Mediation
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