Following an accident or injury, it could very well take years or even the rest of your life to deal with the effects. Considering the added expense and unexpected change to your life, you will certainly require substantial compensation for medical costs, lost wages as well as pain & suffering.
Beyond the immediate challenge of your injury lies a heavy financial burden. Often times, accident victims only have their settlement(s) to survive.
Unfortunately, the financial stress of a car accident or premises liability situation can be as bad as or worse than the initial injury.
Situations like this lead many accident victims to turn to structured settlement companies that offer immediate, lump-sum payouts in exchange for future payments from your settlement.
While this may seem like a good option if you’re in a bad fix, there are unscrupulous settlement companies that will only pay you a fraction of the original settlement.
After signing on, many families have later discovered they paid way more in fees, expenses and discount rates.
That’s not to say all structured settlement companies are bad…there are many “good apples” out there. But even though legal protections exist and judicial approval of any structured settlement is required, too many fall through the cracks.
Therefore, do your own research and don’t take the decision lightly. Explore all other options first.
If you decide a structured settlement is the right option, or only option, find a reputable company who’s transparent and fulfills the spirit of the law. Speak with your former Colorado premises liability (slip & fall) attorney for information…or speak with a trusted financial advisor before signing on with a company.
In the end, structured settlements can help, if they’re done properly. Don’t be rushed into a deal that in the end, could lead to even more stress and problems down the road.
Original story published in the Fall 2011 issue of The Safety Report