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Difference between annuity and structured settlement

If you do not know then perhaps you should not be opting to sell your future payments. Please speak with a financial expert and or advisor before taking the leap to sell off something that you may regret in the future. 

A structured settlement comes as a result of a lawsuit typically from wrongful death or a personal injury case in which the settlement has the resultant receiving a payout that is NOT a lump sum (meaning a big one time pay out) but rather a stream of consistent payments that are tax free and paid out by the insurance company. A typical note may be 60 payments each month for $860 and a final lump sum payment at the end of the 60 month term for $34,550. Please note that a quote you may receive for the monies that are owed to you are based on present value not what the total of that money is worth as the future is unknown. The court case is typically a civil trial in the majority of cases we have scene. Please also note that strucutred settlement payouts can be immediate. They can slo be deffered or immediate and deferred. 

An annuity is NOT a structured settlement. This is a well known financial product that a life insurance company like John Hancock or Symetra writres and issues.  Annuities are only sold by licensed representatives. This means that no average joe from the street can just sell you an annuity. There are protections in place to get around fraudelent annuity transactions. The idea of an annuity stream is to help you grow your money and let it multiply over time. There are numerous annuities that you can read about on investopedia.com and more then likely if you are reading this then you have a fixed annuity as those are the most common for those who are selling their future annuity payments for a lump sum payout.  You can change the beneficiary of your future payments and you can sell them outright for a specified value today. 

Learn more about the differences and how you can make stable financial decisions with your money with our help.