Winning a personal injury case is a great feeling until you realize the money isn’t yours in a lump sum. You have the option to cash out that structured settlement for one lump sum. You are effectively selling a structured settlement or selling annuity in these cases.
1. Your Money Now
This is your money and you need it now. You’re hurt and you probably can’t work, so the money would be handy to carry you through this time. Selling that annuity will get you the money you need for car payments, hospital bills, rent, or other bills that come up while you are unable to make money on your own. You need this money now, not when the settlement decides it’s time to give it to you. You could argue that you’ve earned it through your pain and suffering – why not take it in one lump sum?
2. Get Cash Immediately
Did you know you could sell annuity in partial fragments? You can partially sell your structured settlement to get immediate cash. This gives you options. You can sell only enough to give you cash right away or you can sell the whole package and get all the cash up front. The decision is all yours and it is a big decision so consider your financial needs and review what you need when you need it.
3. Use Your Own Investment Plans
Sometimes, the investment in the future – or waiting on the structured payments – isn’t as good as other investments you could be pursuing. Take the money you rightfully won and invest it in other places. You’re smart and you know that some investments pay better than others. You want that money to work for you, not sit in a “holding cell”, waiting for someone else to dictate when you can have it.or selling structured settlements allows you to control how the money works for you.
4. Emergency Funds
Be ready for every emergency by getting that cash now. Think about the time before the accident. You had no idea you were going to be hurt and out of a job. You want to plan better for the future, so you want to get that money out of the bars of the annuity or structured settlement. Sell it so you can get that money now and put some aside just in case another tragic emergency comes up in your life. Get prepared so you are not stuck once again waiting for that payday.
5. It’s Easy
Many companies make selling annuity or selling structured settlements very easy. Some don’t check your credit and most guarantee that selling the accounts will not affect your credit. You get your money when you need it – right away. You have an emergency fund, money to pay the bills pouring in, money to buy groceries, support the family, and invest in ways that will make the money work for you. There are very few reasons to hold onto that structured settlement. Many companies make the process easy and painless. Go for it and take control of your money once again.