Structured settlement brokers are financial experts who specialize in managing structured settlement money, with their main task being to advise clients and their attorneys on how various annuity plans work.
They also work with clients in order to arrange the sale of future structured settlement payments, as this can be a very complicated and confusing process.
Negotiating a structured settlement agreement
This is one of the key tasks of any structured settlement broker.
Annuities can be developed according to what the likely future need of their client will be, taking into account a variety of factors such as the client’s health and life expectancy as well as projected economic conditions in the future.
Structured settlement brokers will first of all asses a wide range of information about their client, such as their health status, employment history and current credit rating.
The idea is that a careful analysis of the client’s situation will enable them to negotiate a suitable compensation package to assist them throughout their life.
Life expectancy plays a key part, as obviously there is not much point in arranging a structured settlement over 30 years to someone who is unlikely to live that long.
Your broker will take into account you and your family’s medical history, and also your lifestyle, for example whether or not you smoke or drink alcohol excessively.
A structured settlement annuity can be tailored according to the needs and preferences of clients. Most often they are paid either monthly, semi-annually, or once a year.
Your medical needs may have a bearing on this. For instance, if your injuries dictate that you undergo regular physiotherapy that needs to be paid for each month, then a monthly settlement can be arranged.
The job of settlement brokers is essentially to make sure that structured settlements are designed in the best possible way that suits their clients, and they will work very hard to achieve this.
Selling a structured settlement
The other major role of structured settlement brokers is in selling annuities for their clients when they need a lump sum of cash to take care of pressing financial needs.
This kind of transaction is highly complex and comes with a number of legal implications that need to be addressed.
You also need to present a valid argument to a judge in order to secure a court order authorizing a structured settlement sale. In such cases, it’s always a good idea to use the services of brokers.
Your broker will be able to help you research various structured settlement companies and go through the quotes you receive with you.
They can also help you negotiate with companies and/or private investors to get more money for your annuity. Their assistance can be invaluable in this kind of transaction.
Just remember that when looking for a broker to assist you with structured settlements, make sure they have a good reputation and are Department of Justice certified.
Your structured settlement annuity is extremely valuable, and you will want to place it in the hands of someone you can trust.