Selling Structured Settlement to Cover Medical Expenses

Suffering from a personal injury could mean a great strain on money matters, especially if the doctor’s bills have to be paid. Typically, the insurance company responsible for paying the claim will create a set up wherein the payments to be paid to the recipient of the claim will be issued periodically. This kind of settlement agreement between the insurance company and the claim recipient is called a structured settlement or annuity. The process of the agreed structured settlement payments becomes a record of the court.

When the recipient of the claim encounters a great need of money to pay for his medical expenses right away, he may come to the decision of selling his structured settlement to an organization that offers to purchase this kind of payment agreement. However, since structured payments are being recorded by the court, the recipient should first get the court’s approval before selling his payments. For this reason, the process of selling structured settlement usually takes up to ninety days to complete.

Most states require that the person who has been granted by the court to receive structured settlement as a result of a personal injury claim obtain the court’s permission first before selling the annuity.

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