Structured Settlement Brokers: How To Choose The Best?
Walking into court or negotiations with the other side and not having a structured settlement broker with you is the same as not having an attorney. It's a bad idea.
What is a Structured Settlement Broker?
A structured settlement broker is someone who is appointed by the insurance company or the plaintiff in an injury case. The settlement funds for the injury from the defendant, which is typically the insurance company, are assigned to a third-party assignment company, which then purchases a structured settlement in the name of the party injured.
The structured settlement broker typically can perform the following steps:
- Proposing a lump-sum arrangement.
- Proposing a structured settlement arrangement.
- Aiding in the resolution of the case.
- Choosing which insurance company is used.
- Takes out the emotion of the process and gives you the best advice to make the right decision.
Does The Plaintiff Need a Structured Settlement Broker?
Yes! In the same way that the plaintiff needs their own attorney. The defense will have their own structured settlement broker looking out for their best interests. You, as the plaintiff should have your interests protected as well by a specialist. The broker will work alongside the attorney to ensure their client's needs are completely looked after and he or she receives the best deal and terms available.
In very complex cases, there may be a need to bring in a comprehensive settlement planner into the process. This planner is a combination of a plaintiff broker and a settlement expert. They have the unique ability to write comprehensive and sometimes complicated structured settlement policies. They can also handle many other issues which can come up in regards to the structured settlement process that otherwise would have to be delayed. If there are government benefits involved, trust planning, or Medicare planning, then it is best to have a comprehensive settlement planner in the room.
Getting Your Free, No-Obligation Quote
After making the decision to sell and find someone to buy your structured settlements, it’s important to shop around for the best quote. Do your research to find a trustworthy seller that can provide you with the best service and the best deal. Take the time to ask for advice or recommendations from lawyers or accountants. Do all that you can to find a buyer that’s reputable and has a proven track record of success.
You can also call us to find out how much your structured settlement or annuity is worth. We can recommend trustworthy factoring companies to work with, including our partners.
Having experts in your corner is not a bad decision. Ever. This is an emotional time for you and having experts looking after your best interests will keep the other side from attempting to strong-arm you with "this is a take-it-or-leave-it offer" statements. They can help you in many areas, such as:
- Medical needs in the past, present, and future.
- Outstanding leins.
- Day-to-day income requirements.
- Probate issues.
- Bankruptcy issues.
- Future financial goals (college, business, travel, retirement, etc.)
- Eligibility for government benefits and/or pensions
Putting Everything in Writing
Leave nothing to chance and get everything in writing, including the fees you will be charged by the experts you have hired. Do not accept a "we will take care of that later." No, you need to know all charges going in so you don't get a surprise bill at the end that will cause you undo stress.
By having everything in writing also means there won't be any misunderstandings either. Everyone knows what their job is and what their tasks are to accomplish.