Structured settlements have existed since the 1970s as a means of compensation to plaintiffs in civil cases that involve any form of personal injury. Such civil lawsuits seldom make it to trial if the parties involved reach an agreement in the initial litigation process. Simply put, a structured settlement is a stream of guaranteed future income paid to the plaintiff by the defendant in a civil case through the purchase of an annuity. The defendant is required by law to arrange for his/her life insurance company to pay the injured party a periodic amount of money in the annuity contract. The annuity contract contains details pertaining to the duration of the structured settlement and whether the money is to be paid all at once or periodically. Settlement consultants provide the parties involved with invaluable services to determine the immediate and future needs of the victims and the appropriate amount to include in the settlement.
To Sell or Not To Sell Your Structured Settlement? Points To Consider
With the current state of global uncertainty, unforeseen crises may occur at any time and it’s important to know the rights you hold to sell your structured settlement in the case of any eventuality. When the settlement is initially drafted, it is done so as to cater for the needs of the injured person but sometimes these needs change over time and the plaintiff may require access to their money right away. The terms of the settlement cannot be renegotiated and this calls for a different approach. Plaintiffs have the option to either sell some or the lump sum amount of their payments. Purchasing companies make this possible by buying out your future payments in exchange for an agreed sum of money. It is important to note that before cashing out your structured settlement, you will have to present your case before a federal judge in court and file all the relevant paperwork. The settlement buyer should be in a position to help you with this and ensure you do it correctly. Due diligence is advised when dealing with some of these purchasing companies who try to prey on people in desperate situations. However, federal and state laws are effectively in place to protect consumers from such unscrupulous industry players.
What To Look Out For In A Structured Settlement Company
Knowing what to Look out for in a settlement company can save you and your dependents any looming disappointments that are characteristic with unprofessional companies. Firstly, the right company will offer you personalized solutions through a real life representative and not the generic automated responses that cannot address unique consumer needs. Opt for a company that takes its time to guide you through the selling process and helps you decide whether selling your annuity payments is actually the right move. Find out about their reputation. This can be done through word of mouth or scouring the internet for useful insights into the company and its operations. Also, different settlement companies will value your settlement differently. You can use a free online annuity calculator to get an approximate value of your settlement. Compare the results you get with the purchase price offered by the different companies to negotiate a better deal. Choosing the right settlement company doesn’t have to be nerve wrecking and most of these companies provide top-drawer representation to make sure you get your cash when you need it.
- JG Wentworth: J.G. Wentworth is a buyer of structured settlements. They set the highest standards in the market driven by customer satisfaction. It’s not surprising if your assigned representative exceeds your expectations. They tend to be thoughtful and patient throughout the whole process. The team at Wentworth strives to make the whole transaction as painless as possible combined with top-notch legal representation.
- Olive Branch Funding: Once you experience what Olive Branch Funding has to offer, you will never settle for less. They take on the big boys with innovative and foremost authority. Using a cutting edge feature known as the docusign, which allows you to sign documents electronically, you can get your money even faster.
- SenecaOne: The purchase quotes at SenecaOne give it a competitive advantage. The discounts and coupons offered by this company are unmatched and sweeten the deal tenfold. One gets the feeling that they’re actually fighting for you to get the best purchase price for your settlement thanks to their nose to the grindstone work ethic.
A savings account seems like an old fashioned way to save money. Most people joke about how outdated system it is and no one seems to take it seriously. There was a time when a savings account was actually a great thing. People, in the past, have been able to save a lot of money in their savings account. Many have spent their post retirement lives, thanks to their savings account, comfortably and easily. In fact, the only thing some people invested in during their time was a savings account and have been able to save a substantial amount of money. However, those were also the times when the interest rates were actually worthy of acknowledgement. These rates, in today’s day and age, have fallen down to a very small amount which is the reason why most people usually don’t see any use of savings accounts. Who would actually take an account which offers 0.001% interest seriously anyway?
Savings accounts could still be a very important part of strategic investments. If you want to save money and do it strategically, using a savings account can be of big help – more than you give it credit for. In this post, we will discuss the benefits of having a savings account. Some of these advantages are very obvious and anyone can see them easily. However, some of them are hidden and are not so obvious. (hence, the jokes).
What isn’t a joke is having a right plan and understanding of controlling your own personal finances and knowing what you have and don’t have. Do you have an annuity or did you have a accident where you were given a structured settlement as payment? Did you know you can cash those in for money right now? It’s true.
Let us first start with the obvious and clear advantages of having a savings account.
- Liquidity – the best part of having a savings account is that you can withdraw your money right away and use it for whatever purpose you may like. You don’t have to wait for a certain time period to invest your money in another venture. This is especially helpful when you run into an unpredictable emergency and are in need of funds. A savings account will let you use your money right away without any prerequisites or conditions.
- Safety – it is very safe to have your money stored in a savings account. The Federal Deposit Insurance Corporation guarantees up to 250,000 dollars of your money in a savings account. There is no other investment as safe as this one and having such security really relieves one of any kind of stress they might be facing.
- It is easy to get started – another great thing about a savings account is that you don’t have to spend any extra time or funds to get started. It is very easy and you can get started as soon as you have a minimum balance. In fact, there are 0 balance savings accounts as well which let you open an account without any actual balance (or very little).
Now, there are advantages which are not as clear as the ones we discussed above. The not so obvious benefits of a savings account are:
- It is a good way to start investing – most people who do not know anything about investments and want to get started usually begin with a savings account. There are no complex rules, zero regulations, and you get a great opportunity to learn about investments. You can be absolutely ignorant about finances and investments and still safely start with a savings account.
- You will not need to take any risks – a savings account is the safest point to get started with investing because there are no risks. It is very easy to move your money from a savings account to any other investment. You could also save a lot of money without any problem as long as you are dedicated and disciplined about building money.
- You can learn new things while investing in a savings account – a savings account presents you with an opportunity to learn without risks. You can invest your money in your savings account and learn about various aspects of investment at the same time. Your money will be safe as you go on to learn about some of the riskier but more profitable aspects of investment. So, by the time you learn about what your preferred field of investment is, you can keep your money safe and sound in a savings account.
- Helps you look at the advantages of investing – a savings account opens your eyes to the world of financial investments. The results of stashing your money in a savings account are humble but when they do make an appearance after a few months, you will feel positive about investing your money. Most people begin to think of ways they can do better than what they are doing currently. The safe and positive reinforcement enables us to make better and more profitable investments. It also motivates us to learn how to do new things and that too in a very safe way.
Savings account will always be a safe haven for your money no matter what happens. You can always relax in the benefit of having a savings account while you take your time to learn the fundamentals of successful investments. You never lose a lot during this phase as you stash your cash in a traditional yet very useful savings account. Even though the interest rate of a savings account is low, the fact that it is present with your money being safe is a good enough reason for you to invest in it.
The riskier assets have higher interest rates because banks want us to invest in those rather than saving up our money in a savings account. The safety and liquidity of these accounts cannot be beaten which is why many people still continue to stash their money in savings accounts.…