Part of your personal injury attorney’s job would probably be getting you the type of payment you need. This would be in addition to securing the compensation total that you need.
This is an important distinction. Part of making you whole again after a car accident or other injury is getting access to the funds when necessary — for both current and future needs. To this end, you might get a one-time lump sum along with a structured settlement that pays intermittently.
Personal injury settlement payouts
As explained by Annuity.org, your personal injury settlement would cover a variety of expenses. These would probably include obvious costs, such as medical bills. However, a portion of your settlement may also go to legal fees, future long-term care, pain and suffering compensation and so on.
Because of this, you may receive your money in a variety of formats. Most structured settlements come in the form of an annuity, a financial product that pays you a set amount at regular intervals.
Annuities should provide a steady source of money that you could use to offset the effects of your injury and fund your recovery. However, it is never possible to predict what might happen in years or decades after a settlement.
You might decide you need the funds in the annuity to pay for unexpected lump-sum costs. In these cases, it could be possible for you to approach someone to buy the annuity from you.
Please contact someone who understands your finances and your legal position before you sell an annuity. It is not always the most favorable option.
Your personal injury lawyer would work hard during your case to get you a long-term plan that covered nearly any predictable eventuality. If you believe you might reasonably need more cash available, please bring up that concern during the settlement process.