Many experts suggest that a structured settlement broker will be able to obtain you a much better deal in your structured settlement negotiations, but is that really true?
To answer that question, let’s take a look at what structured settlement brokers actually do.
Basically, the job of a broker is to negotiate on your behalf the amount of money you will receive as compensation for your injuries, in the form of a structured settlement.
Essentially, a structured settlement is compensation package agreed between two parties – the plaintiff who has been wronged against, and the defendant, who is the one responsible for causing harm or suffering to the plaintiff.
Structured settlements are negotiated when the defendant is unable to pay a lump sum in compensation, as they allow defendants to pay the amount over an agreed number of years.
In order to get better terms for your structured settlement, you can employ the services of an experience settlement broker.
Brokers are financial professionals with vast experience in negotiating structured settlements. They can be hired by either the plaintiff or the defendant, and are used to mediate between the two parties in order to negotiate a settlement that satisfies both.
Structured settlement brokers will be able to come up with a number of suggestions in order to try and reach agreement between the two parties, and can do this either before or after a trial has taken place to establish guilt in the case.
The job of the broker can be difficult, as they have to determine the claimant’s needs and offset this against what the defendant can realistically afford. Therefore, it helps to use the services of a broker who is highly experienced in such matters.
How to choose a broker to act on your behalf
Finding the right structured settlement broker to act for you isn’t always easy, but there are certain qualities that you can look out for to make sure you choose wisely.
Your structured settlement money is going to be extremely valuable to you for the rest of your life – you may need it to live on, pay for medical expenses etc, and so it’s very important that you choose a structured settlement broker who has several years of experience and has negotiated many similar deals before.
You should also do a little research and make sure the broker you hire has an established reputation, so it pays to check customer feedback if you can.
Another thing to look for is one who has significant medical knowledge, particularly with regards to healthcare costs.
You will no doubt want the very best medical care if you have suffered an injury that needs prolonged treatment, and so you will need to be sure that your structured settlement payments can cover these expenses.
Structured settlement annuities are complex things and the negotiations can drag on for many weeks.
By finding a broker who fits the bill and displays all of the qualities mentioned above, the whole process will be made much easier and you should be able to work out a deal that satisfies your future financial needs.