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Sell Structured Insurance Settlement

Any advantage available to a family in today’s financial landscape is important.  Doing whatever possible to make ends meet and feed a family has become the struggle for millions of Americans, and that trend does not seem to be slowing.  However, some people may have an ace in the hole they might not even realize.  These people may be able to sell a structured insurance settlement.

Structured settlements were created in the 1960’s to provide continued support over a long period of time to those who need.  They were originally designed for babies born with birth defects due to a morning sickness drug called Thalidomide.  As time went on, insurance companies began using structured settlements for more and more occasions.  Now they are used for lead poisoning cases, car accidents, work related injuries, and malpractice suits, legal or medical.  These settlements are ostensibly there to provide long term support, but many times, this is not the case.

The problems with structured insurance settlements are multifold.  The payments received may be small or large. When you decide to sell them it depends on the current rates.  Add to that the fact that they are often earmarked for specific purposes; a victim may not be able to use the payments for unexpected issues.  Also, the schedule may be too sporadic.  When unforeseen problems pop up, a payment may be too far in the future to do much good.

Selling a structured insurance settlement, or, a portion of a settlement, can be one way to get out of the hole.  While a victim needs to be able to prove to a judge that selling is in their best interests, there can be any reason to sell a settlement.  A person can sell a settlement to buy a car if they need one.  Or, they can use their lump sum to conduct home repairs.  If medical bills or other debt is piling up, the large lump sum from selling a settlement can go to that.  Victims should not let an insurance company keep money that is rightfully theirs.

Insurance companies like New York Life take money that belongs to victims and invests it and keeps the profits.  When an insurance company settles with a structured settlement, they take the remaining balance and invest it, paying only what they owe the victim and pocketing the rest.  They are profiting on someone else’s misery, and feel no shame in doing so.

By taking a look at their circumstances and deciding to sell a structured settlement, a victim can take control of their lives.  Their bills and debt can disappear, and they can feel comfortable with their situation for the first time in a long time.