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How Structured Settlement Purchasers Work

The process of issuing a structured settlement is a complicated one that results in a simpler, easier solution for someone who wins a case. If in a court proceeding a plaintiff is determined to be owed money, a structured settlement can be considered instead of a lump sum. Both sides work with a trained consultant to determine the amount of money and the needs to the plaintiff. The consultant then uses the money to purchase an annuity from a life insurance company. The annuity is managed by a life insurance company separate from the at fault party. The money is thus protected from market fluctuations, recessions and all the other risks typically associated with investments. The plaintiff, in other words the person harmed, simply receives a scheduled series of payments for a set amount of time. It’s a solution that many people take advantage of: Nearly $6 billion in new structured settlements are issued each year, according to the National Structured Settlements Trade Association. How Structured Settlement Issuing Companies Work Structured Settlements are used by courts in many different types of cases to replace or supplement income that was lost through the fault of someone else. Since they’re conducted through a third party, it also means someone doesn’t consistently need to associate with the person or entity that wronged them. Structured Settlement Issuers*: Chronovo New York Life Berkshire Hathaway AIG Prudential Liberty Mutual * StructuredSettlements.com has no relationship to any of the above listed issuers and is not engaged in the issuance of new structured settlement policies. The structured settlement issuing companies function in a manor that shields owners as well. Structured settlements don’t affect an individual’s ability to qualify for other forms of aid. Meaning, if someone is set to receive a settlement, the money they receive from it does not affect their ability to qualify for Medicaid, Social Security and other disability benefits. The income from structured settlements is also shielded from taxes. This flexibility is why so many litigators recommend structured settlements to their clients rather than a lump sum payout after winning a case.