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Structured Settlement Guaranteed For Life

By Edited Sep 1, 2016 0 0

A court may award a structured settlement guaranteed for life. It is usually for people who have been severely injured or disabled. What the court proposes is a lifetime allotment which is usually paid to the injured party every month. The money can be used for any purpose. For instance, it can be used to pay for medication, health care costs, or to keep with the high cost of living. To some people their settlement payments is like having a job, without doing any actually work. This is how they maintain their bills, keep food on the table, and a house over their families head.

What this means for most people is a guaranteed source of income for the rest of their lives. Instead of getting one large lump sum the payments are stretched out over the lifetime of the claimant. They can opt to receive their money at once if they choose, but this depends on the individual. Depending on what distresses the family is facing if any some people choose to receive their money upfront. This may not be a good choice for many individuals, especially if this money is all they will have for the rest of their life. However, the final decision is up to them or the judge who awards the claim, unless other alternatives are available.

Courts understand that people have medical bills that have accumulated and living expenses that keep getting higher. The right choice for these individuals is to take the upfront lump sum payment. However, the individual is guaranteed a lifetime of income, if the money is invested wisely. Wise investments are returns that will bring in additional profits; usually adding on to the income that is already coming into the home. The majority of people who are recipients of structured settlements make very sound business investments. For the individuals that choose to accept monthly lifetime payouts their choices of investments may be limited.

The payments can be directly deposited into the claimant savings or checking bank account. Their are no bank fees to pay for receiving the settlement. Customers only pay for the regular fees the bank charge their customers for account maintenance. The monthly payments allow the family to save, budget, and spend their money wisely. They can only spend what they need and save the rest in their account. Resourceful individuals learn to make sound decisions, before they spend or invest any amount of money. They realize their income is a structured settlement guaranteed for life.

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