Structured Settlement Annuities have been shown to be a good, safe, and guaranteed way for people in personal injury cases or other cases to get a steady income for life. Today, we'll talk about when these special annuities could help.
Injury to the person.
Most people already know this, but let's look at some situations that might call for such settlements.
Short-term or long-term disability.
A structured settlement can help in this situation by making sure that any costs of rehabilitation are paid for.
Guardianship of minors or people who aren't as smart as they used to be.
We've seen how badly mishandling a lump sum settlement for a child can affect how the child is cared for in the future. Making sure that the child's care will be paid for will greatly improve the quality of life for both the caretaker and the child.
Wrongful death, especially when the spouse and/or children of the person who died need a steady income.
When something bad happens to a family's main source of income, the loss is felt in many ways. In some cases, this can put a family out of money. A structured settlement can help replace the lost monthly income and give the family peace of mind that rent, bills, and other expenses will be taken care of.
Severe injuries, especially ones that make people live shorter lives.
Again, this is about protecting the family or caregivers' financial futures to make sure that specialised care is paid for and that monthly bills are paid.
Situations where the needs of the future can be known right now.
This is a bit riskier because it can be hard to know how much money you will need in the future. But some costs, like mortgages, tuition, and monthly bills, are often fixed or easy to plan for.
If a person finds themselves in any of these situations, they should think about the following things:
1-Medical bills that are big and keep coming
2-Costs for rehab or a permanent care facility
3-College tuition, retirement income, a down payment on a home or a mortgage payment
4-Replacement of monthly income, annual income, or extra income
Some of these may seem too far away to worry about now, but ignoring them will make things harder than they need to be.
