Sell Structured Insurance Settlement
It is not uncommon for structured insurance settlement holders to wish they had received an unstructured lump sum payout. The good news is that it is never too late to cash-in, so long as you have several remaining payments in your agreement. Here are some tips on how to expedite a payout for your insurance settlement.
What Kind of Insurance Settlement Do You Own?
Legally, you are entitled to sell your deferred payments from a settlement for just about everything, including personal injury, medical malpractice, product liability, or wrongful death.
What is Your Time Frame?
A lot of people looking to cash-in on their insurance settlement are naturally curious about how long it will be to process your request and have the cash in your pocket. The simplest answer is to say that most times the money will be available within 45 days. However, it may help you to understand the entire process.
Steps to Your Lump Sum Payout
Once you have contacted a stuctured settlement company, they will ask to receive a copy of your annuity policy for review (including a copy of the court judgment, bankruptcy discharge (if applicable), recent tax return, two forms of identification, marriage license, divorce decree, etc.).
If you qualify for a lump sum payment, the company will contact with choices on how to customize your payment options. You can choose to take only a partial payment, which will leave a portion of your structured payments intact, or you can receive one final payment. Be prepared to answer questions about your current employment and debt in order to help you decide which option is better.
Once the details have been worked out, and all parties are satisfied with an agreed-upon plan, everything needs to be put down in writing (contract). These documents will be signed, checked over by an attorney, and the company will then contact your insurance company to let them know about the pending transaction. Expect between 10 to 30 days for the necessary arrangements to be made.
To find out the value of your settlement, try the present value calculator and request a quote for a more exact amount. Once your application has been approved by your insurance company, most lump sum payments will be made within 48 hours. Now that's fast!