Natural disasters can strike at any time and the destruction left in their wake can be devastating. In an instant, everything you’ve worked for your entire life can be destroyed by fire, flooding, or whatever else Mother Nature can conjure up. While you can’t control the weather, you can ensure your family has the means to escape a natural disaster safely. You can also secure a safe place to live. It can be done by selling your structured settlement or annuity payments for a lump sum.
In times of crisis, having cash on hand is super important. You’ve no doubt heard horror stories of public gathering spaces set up by the government during hurricanes Harvey and Katrina. People had to deal with soiled beds, lack of water, assaults…and worse. Why put your family at risk? By selling your structured settlement or annuity payments you can be sure to have the cash needed to keep your family comfortable and safe after a natural disaster.
Here are 5 ways to disaster-proof your life with a structured settlement lump sum.
1. Rebuild at the right time
The aftermath of a natural disaster can be devastating – in some cases, people can lose everything they own and in the worst case, they can lose their lives. During Hurricane Harvey, over 30,000 people needed emergency shelter – and many didn’t get it. After suffering through days of crowded shelter living, many returned home to find they no longer had a home. Additionally, many Harvey victims had no flood insurance and filing a loss claim with FEMA was a slow and painful process.
Can you imagine finding everything you’d worked your whole life for in ruins and having to start from scratch? Most people can’t even imagine what it’s like, but many victims of natural disasters have to live that nightmare. If you receive structured settlement payments, the aftermath of a natural disaster is a great time to sell them to help rebuild.
2. Create your own kind of “disaster insurance”
One of the reasons Houston was so devastated after Harvey was that almost 80% of those affected didn’t have flood insurance. The reason so few carried flood insurance was because the premiums were too expensive – anywhere from $400 to $2,500 a year. Many just couldn’t afford it.
If you have a structured settlement or annuity, you can create your own kind of “disaster insurance.” By selling your structured settlement or annuity payments after a natural disaster, you could potentially receive the equivalent of an insurance payment (depending on the structured settlement payments you sell) in a cash lump sum and use it to help cover the costs to make home repairs or help close on a new home. And the best part about this strategy? You don’t have to pay any insurance premiums!
3. Prepare for the long-term
Immediately after a natural disaster, when the reality of the destruction and devastation truly sets in, most people think things couldn’t get any worse – but they can. Two years after Hurricane Harvey, thousands of Houstonians are still displaced, living in damaged homes, or worse, living on the streets.
Don’t let that be your family’s story. Selling your structured settlement after a natural disaster can give you the money to rebuild and get your feet back on the ground. If your car was destroyed, you can replace it so you can get to work. If your place of business was destroyed, you can use the money to retrain for a new career. By selling your structured settlement you not only set yourself up for immediate help, but also ensure that two, three, or five years down the line, you aren’t still trapped in the devastation wrought by the natural disaster.
4. Covering evacuation costs
One of the main reasons people in areas about to be hit by natural disasters end up staying is they simply can’t afford to leave. Thousands of families in the Carolinas chose to bunker down and takes their chances with Hurricane Dorian rather than evacuate.
In addition to lost wages, those evacuating at-risk areas must also pay for shelter for days – sometimes weeks. Families can lose their life savings, rack up massive debt, or worse – be out on the streets without shelter. Selling your structured settlement can help you recoup evacuation costs after a natural disaster. In a time of emergency, the last thing you want to be thinking about is whether you can afford to keep your family safe. With a structured settlement, you can evacuate confidently knowing you can sell your payments for a lump sum payment.
5. Making a difficult time a little easier
Surviving a natural disaster such as Dorian, Harvey, or the California wildfires can devastate families and destroy lives. While nothing can remove the financial burden completely, selling your structured settlement can give you the cash you need to help make the experience a little more bearable. By having cash on hand, you can keep your family safe and secure, making a difficult time much easier.
Many people don’t have an emergency fund; by selling your structured settlement or annuity payments you can be one of the lucky people that do and ensure your family’s safety in the wake of a natural disaster. Call RSL Funding today to discuss how selling your payments can help you remain secure and eventually, rebuild.