Annuity

What is an Annuity?
The dictionary defines annuity as “a sum of money payable yearly or at regular intervals.” Wikipeida says an annuity is “any recurring periodic series of payments, an insurance-like contract providing monthly, quarterly, semi-annual or annual payments.”

What is a Structured Settlement Annuity?
A structured settlement annuity is received by an injured party as financial compensation to resolve a personal injury claim. The injured part is given a financial settlement that makes recurring payments from annuity. A settlement annuity is often set up to take care of a person’s ongoing financial obligations over time particularly if they can no longer work.

If I have a Structured Settlement Annuity can I get a lump sum?
When you receive a structured settlement annuity you cannot change the terms of the original agreement to get a larger sum of cash or accelerate payments. You can, however, convert your future payments into cash through a third party company called a structured settlement purchasing company.

Why would someone sell their Settlement Annuity?
If a settlement recipient has a need for a larger sum of cash than their current payments are providing, they may want to consider a lump sum. A lump sum would convert their future payments in a one time payout.

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