When it comes to the payment method for a settlement, the losing and winning parties sometimes come to a compromise when the litigating procedures come to an absolute end. A structured settlement is preferred by some defendants or plaintiffs. Over a definite period of time, a structured settlement is paid in installments.
This article will give you five tips for choosing the right structured settlement company for your purposes.
1. Research the Current Fees
Since they know they can get away with it, some structured settlement companies will not hesitate to overcharge you. Find out what the going rate for structured settlement consultation fees are by doing some online research to prevent excessive fees.
Every year, a huge chunk of the profits earned by insurance companies comes from annuities. Consequently, any company or broker that is able to bring a lot of new customers to an insurance company will be paid exorbitant commission fees.
So, even if a particular insurance firm does not offer the best rates, benefits, or terms, some structured settlement companies will still send business their way because of the fees. You want to be sure you are getting good terms and that the company you are dealing with is not just out for a commission.
2. Make Sure the Company Is Capable
To help you through the process, contact a company that specializes in structured settlements once you have agreed to one. The company’s first task is to make sure the conditions and terms of the settlement are fair for your situation. Ask the company’s representative to give you several proposals that it considers fair to both sides to help you determine their capabilities in this aspect.
3. Are They Available to Help You?
From the moment you have agreed to a structured settlement until the day the final payment is made, a good structured settlement company should be there to assist you. Also, throughout the procedure, a good company will make sure you are treated fairly.
4. Provide Practical Solutions
The most practical and best solutions are always found by the right company. They will ensure emotions never cloud judgment while still being able to empathize with what you are going through in these trying times.
For example, a good company will insist on the minimum number of periodic payments if your loved one has less than a year to live. In providing comfort for your loved one in their remaining days, this will allow you to make the most use of the settlement. And, the insurance company will not get the better part of the bargain.
5. Financial Control
Even if it means possible bankruptcy, some people have trouble saying no to loved ones. You can authorize or instruct the structured settlement company to handle your money if you have this problem. You can grant the company the right to save your money by saying no to your loved ones. You should only do this once you have determined that you trust the company you are working with.