Structured Settlement Annuities
A structured settlement annuity is where an individual receives compensation over a period of time for damages sustained in an accident, etc. These types of settlements may include wrongful death, personal injury, and medical and legal malpractice. Because the payments are usually paid over a prescribed period of time, often defendants will purchase an annuity from an insurance company in order to hedge the cost of the payout to the plaintiff.
Sometimes receiving periodic payments in the form of a structured settlement annuity can be advantageous, but sometimes not. Many individuals who have settled an insurance claim and had the structured settlement set-up in the form of an annuity can't wait out the terms of the agreement. Things happen where they may need all or some of the cash to help eliminate debt problems, pay for college tuition, start a new business, etc. This is when the recipients turn to annuity buyers for help.
Structured Settlement Annuity Buyers
There are a number of different types of structured settlement annuity buyers around. Basically what they do is buy your annuity at a percentage of the payments due. The percentage is partly based on how long it takes for the annuity buyer to receive the total payout. The annuity buyers then wait to receive the payments according to the original schedule. An annuity buyer can buy all or just a portion of your structured settlement. You decide which will be best for your situation.
Whatever your needs are, there are annuity buyers that can help you. You should however, make sure that the broker handling the transaction is experienced in such matters. Experience seems to prevail along with honesty, creativity, ingenuity and hard-work. If you see ads that say "we are a direct funder and you will get more for your money," be wary. Only established brokers can get you the wholesale price and doing so, is not always easy. Make sure that the annuity buyer provides you with all the information regarding the transaction up-front and that there are no hidden costs. In addition, you should compare quotes with different annuity buyers/brokers before picking one.
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