There are many situations in which people accept structured settlements. Structured settlements are a substitute to bump sum payments. They are frequently used with lottery winnings, legal judgments, insurance settlements, and other situations where recipients choose to receive an allowance instead of a lump sum payment. There is a minor market for structured settlements. They are much like a bond. Here is how you go about purchasing a structured settlement.
1. Find a structured settlement broker. Make sure that your broker is a member of the National Structured Settlements Trade Association (NSSTA). Ask the broker for reference. It is important to talk to other investors who have purchased structured settlements from the agent in the past.
2. Hire a lawyer to handle the paperwork. You are going to be dealing with large sums of money, so it is very important to cross your i's and cross your t's.
3. Obtain several quotes on the settlement. There are lots of structured settlements out there for sale. Make sure you don't overpay.
4. Complete the transaction and start getting your annuity payments.
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