The primary focus of a structured settlement company is to assist people who are entitled to receive annuity payments. The most common type of structured settlement company is focused on helping people who deal with serious injuries.
Structured Settlement Company Employees
Most of the time, each individual structured settlement company employee specializes in one particular field. Various fields can include of commercial liability, workers’ compensation, medical malpractice, or casualty claims. During the negotiation process of determining the injured parties’ compensation plan, each employee directly works with the Defendants and the Claimants.
How They Provide Payments
Rather than providing their clients with a lump sum of cash, they compensate annuities through structured settlements that provide a sufficient income to cover living in medical expenses. Regular payments can be provided at a variety of time periods such as monthly, quarterly, annually, or bi-annually. Not only that, but they can also pay according to customized periods. Each and every settlement is unique, and as mentioned, it can be accustomed to what best suits the client. You may be asking, “Who exactly pays for these settlements?” The people who are responsible for paying the costs of the annuity are the defendants.
Common Eligibility Factors
Some of the most common occurrences that makes clients eligible to receive settlement payments are injuries that occur from automobile accidents, workplace injuries, or medical malpractice. In order to be eligible for a structured settlement, the client must also incur a total financial loss of at least $10,000. However, if the case involves a child, then the minimal financial loss is $5000.
How Employees Help Clients
A Structured settlement company has a team of employees and advisers who help clients receive the necessary funds for their specific financial needs. They make sure that their payments cover their current, short-term and long-term future expenses. As an example, their client may have been severely injured which requires six months of intensive physical therapy, a wheelchair and a home hospital bed. The employees will do whatever is required to provide the necessary funds to pay for any applicable expenses.
When it comes to signing the contract agreement with a structured settlement company, the client must read all of the terms carefully before signing. This is because requesting to change the terms after signing may cost a lot of time and money from court expenses and other legal fees. However, when working with the employees, they usually do their best to explain all of the contract details to their clients and what they are entitled to. Reputable companies will also do their best to ensure that their clients get the best possible annuity plan by working with multiple life insurance companies.