Before we start talking about the benefits of selling your structured settlement payments, let’s discuss when keeping your structured settlement payments makes a lot of sense.
When you have a structured settlement, you do have a guaranteed future income stream that you can use for the rest of your life or until the end of the term.
This can be a good thing, especially if you are young and not great with money management. Instead of having all that money all at once, you can get ongoing payments, so you are protected against your worst spending habits.
In addition to that, you can negotiate the terms of your structured settlement to make it however you wish. You can negotiate the length of the structured settlement, how much you want the payments to be, how often you want to be paid, who should receive your benefits after you have died, and more.
But Structured Settlement Payments Aren’t Always for the Best
Yes, you can enjoy many benefits from going the structured settlement route, but there are many scenarios where it might make more sense to sell. For example, let’s say you or someone in your family has a medical emergency that is not covered by insurance. You receive a huge bill that you can’t afford to pay for.
Sure, that yearly payment may be nice, but if you have thousands of dollars in debt that you are on the hook for, it may not be the best use of your money. Instead, you can sell all or some of your structured settlement payment, so you can take care of that debt and go on with your life.
This is just one of many scenarios. From trying a new investment to paying for school, there is no shortage of reasons why you should sell your structured settlement payments. If you agree, just remember to choose a buyer that will offer a fair price and is transparent throughout the process.