Selling a structured settlement or annuity is a decision that takes a lot of thought and consideration. If you’re thinking about selling a settlement but not sure if your reasons are good enough to take to court, here are five reasons for selling a structured settlement.
1. Debt Consolidation- Structured settlements do not occur in a vacuum. Accidents that result in structured settlements can lead to lost work time, lost wages, and serious financial insecurity. If a structured settlement is not doing enough to clear the debt that arises from these factors, the lump sum gained from selling the settlement could go a long way towards helping to pay bills and zero out debt.
2. Home repair- Sometimes, a person will outgrow their settlement. The medical and financial problems that the structured settlement was supposed to alleviate are finished, and now the trickle of money coming in is not enough to do anything with. If a house is in disrepair, the proceeds from the sale of a structured settlement can surely be used to fix it up. On the other hand, if the victim of the accident is unable to get around in their own home, home upgrades are also good reasons to sell a settlement.
3. Furthering an Education- Being in an accident at work that results in a structured settlement could be the catalyst for getting a better job, and that could mean going to college or a trade school. A structured settlement should make a person’s life easier. If all it does is keep a victim trapped in the same circumstances they are already in, it is not doing what it is supposed to do.
4. Medical bills- The problems caused by an accident are not the only health problems that can arise. Sometimes, there can be other medical issues that can pop up. When those bills get to be too much, the structured settlement can help to alleviate the pressure that comes from high medical bills. The insurance company paying the structured settlement isn’t going to do anything about any problems they aren’t legally required to cover, so it is up to the victim to do something. Taking control of their money and using it to pay off their medical bills can be the way to go.
5. Starting a business- Sometimes, people are lucky enough to not have to rely on their structured settlement. They could have gotten better from their injuries and gone back to work. When this happens, they mat realize that there are other things they want to do with their lives. When this happens, a lump sum from a structured settlement can go to starting a business. A structured settlement should help people take control of their lives, and starting a business and being your own boss is a great way to be in control.
When selling a structured settlement, it’s important for the person that has the settlement to be sure that it’s in their best interests. These are just a few of the reasons for selling a structured settlement, but there are many more. It’s all about looking at the options, and doing what is best for you.