Cash for Structured Settlements
Although a select few receive a structured settlement for a totally positive reason (like winning the lottery, for example), most people who are on some kind of annuity plan have been awarded a settlement after suffering an accident, injury, or illness that led to a lawsuit. But just because a judge sets up a payment plan that is meant to provide for added expenses in the years to come doesn't mean that your life is going to progress as planned. And this can often leave you needing more cash in the short-term than your structured annuity allows for. It is for this reason that most people seek out companies that are willing to offer them cash now for turning over their annuity payments down the line. And there are all kinds of motivating factors that might lead a person with a structured settlement to make such a trade.
One reason that some people are seeking more cash up front is because the experience that led to their settlement has left them unable to work. While most annuity plans make allowances for this type of situation, you simply might not receive enough annually to cover both your medical costs and your living expenses if you cannot return to work right away (or ever). But more likely than not, the settlement has been arranged to cover both your known and predicted costs resulting from the incident, based on your current expenses. So the reasons for wanting or needing a lump sum of cash may center on unexpected or unrelated expenses.
For one thing, there are all kinds of big-ticket purchases that the average adult will make in their lifetime, and you might want to use the monies awarded you for such purposes. This could include buying (or paying off) a home or finally making major upgrades that you've been putting off, like installing new pipes or replacing an aging or faulty electrical system. Maybe you'd like to build an addition on your home to house grown children or elderly relatives, or to act as a rental unit that will bring in a passive income. While many people will use a lump sum of money to pay off debt on a home, others might use it as an investment opportunity by adding a rental property. Either way you'll need some cash up-front to make it happen.
You might also want to trade in your annuity for a lump sum of cash if you are sending your kids off to college. Perhaps you are looking to take a major trip or a relative has passed away and you are on the hook for after-life expenses. Or if you are unable to return to your former job (or you just don't want to) you might be looking to start your own business. And of course, you could end up facing medical difficulties in addition to what you anticipated when the structured annuity plan was arranged. But whatever your reasons for seeking a structured settlement lump sum, you can find plenty of companies out there that are willing to buy structured settlements. You just want to make sure you find one that is going to give you the best trade-in value so that you can meet your financial needs now and in the future.