It’s a simple definition, really. A structured settlement is a set of scheduled payments made from one party to another. And they’re often set up after a lawsuit involving some pretty awful events, like wrongful death, medical malpractice, or personal injury. Ouch!
But whoever’s on the winning side of that lawsuit might be in for a major payout. This large amount of money, or “structured settlement” is paid in small, equal installments over time. So what is a structured settlement? It’s your financial reward that you can use to your benefit.
Structured Settlement vs. Annuity
A structured settlement is similar to an annuity because it is also a regular set of scheduled payments. But an annuity has its own differentiators:
- First up: its purpose. An annuity is often part of a retirement strategy, while a structured settlement is generally paid after someone wins a lawsuit.
- And then there’s who pays for it. An annuity is purchased by a person, who saves and invests their funds while they’re working. And the long wait pays off! They get access to their money in the form of annuity payments after they retire.
Who Should Buy My Structured Settlement?
A structured settlement is a great way to beef up your financial security over the long term. But life happens, right? And slow-going structured settlement payments might not be enough to pay off debt or put you on the road to achieving life goals (Wouldn’t buying a new home be fantastic?).
One awesome option is to sell your payments for a large lump sum. But then, you’d need to ask yourself, “Who should buy my structured settlement?”
Well, let’s first point out who shouldn’t buy your structured settlement – the guys with flashy ads. Most of the buyers out there don’t have the funds on hand to give you a large lump sum for the sale of your payments. They’ve spent their money on catchy jingles, rather than pass on the largest lump sums to their customers. It’s a travesty, really.
Instead, you should go with a reputable buyer for your structured settlement, like RSL Funding. We’ll walk you through the process, evaluate your situation, and quickly get you the largest lump sum possible. Bottom line: RSL Funding has the experience to get you the most money for your structured settlement, guaranteed. So when you finally put it out there – “Will someone buy my structured settlement?” – we’ll be there to answer the call…darn right.
When Not to Sell a Structured Settlement
So we’ve answered the question, “What is a Structured Settlement?” and we’ve broken down why a reputable structured settlement buyer should be top of mind when you’re looking to sell.
But we’d be remiss if we didn’t pinpoint the reasons why you shouldn’t sell your payments for a lump sum.
Here are some examples of reasons that probably won’t go over well with the judge:
- Trendy clothes or bling
- A trip to Cancun or some other vacation
- A new car for your college-bound kid
There are plenty of reasons to sell your structured settlement, but some, like the ones above, will likely be turned down by the judge. But no worries, if you have a good reason to sell your structured settlement, RSL Funding is here to help!
Contact us and we’ll talk about your situation. If selling your structured settlement or annuity is the right way to go, we’ll get the process moving. Call us at 800-543-6513.