07 Aug 3 Impossible-to-Ignore Advantages of Selling a Structured Settlement
If you’re currently involved in a personal injury or medical malpractice lawsuit, you’re certainly not alone. Each year, a stunning 15 million civil cases are filed.
Better yet, you are highly likely to achieve a favorable outcome from your lawsuit. On average, more than 90% of cases will end in a victory for the person who filed the lawsuit; between 80 and 92% of these cases end in a settlement.
These settlements are known for paying out huge sums of money to a lawsuit’s victor. Medical malpractice cases alone paid out a total of $3.6 billion in settlements throughout 2013. In most cases, these settlements won’t be given to the victor all at once — rather, they’ll be spread out into structured settlement payments. If you’d rather have your money all at once, however, you can sell your structured settlement in exchange for a lump sum, which can offer many benefits.
Still not convinced that selling a structured settlement could be one of the best financial choices you’ve ever made? Take a look at these three things that you will be able to do once you’ve gotten cash for your structured settlement:
Purchase a new home
Selling a structured settlement opens up a huge number of financial doors that weren’t open before your lawsuit. For example, you can purchase a new home with your lump sum, allowing you to become a homeowner in a small fraction of the time it usually takes. They say our homes are the biggest investments we’ll ever make — make your big investment count.
Get out of debt
Another great reason to sell your structured settlements in exchange for cash is to pay off your debts and achieve the financial peace of mind you never thought you would see. It’s almost guaranteed that you’ll have some amount of debt throughout your life; by paying it off with your settlement money, you can move forward into a debt-free future.
Pay off high-interest credit cards
Using credit cards to make your purchases isn’t free. These cards come with hefty interest rates that can make it nearly impossible to pay off your bills if you’re only making the minimum payments. By selling a structured settlement, you can get out of credit card debt, avoiding these high interest rates and saving money.
Have any other questions for us about selling structured settlement annuity benefits? Ask us anything in the comments below.