A structured settlement calculator is a great tool for calculating the amount of money you can expect to receive should you suffer the misfortune of being injured in a workplace accident or some other situation.
In such cases where another person or a company is found to be liable for the injuries you have been caused, and should those injuries be serious enough to force you out of work or cause you permanent physical or psychological damage, then you will be entitled to receive compensation.
Such compensation often comes in the form of a structured settlement, or regular monthly or annual payments, as opposed to a lump sum. These settlements enable the person liable for your injuries to pay without becoming bankrupt.
If you find yourself in this situation, you can use a calculator to work out how much money your structured settlement should be worth.
How does a structured settlement calculator work?
This tool will tell you what kind of structured settlement quote you can realistically expect. It works by taking into consideration the injuries you have sustained and the going rate for such injuries.
It is an exclusive tool for working out the expected settlement in a personal injury claim, and armed with this knowledge you and your attorney will be able to make a case for receiving a proper amount of compensation.
Settlement calculators are useful because they can save you lots of time – if you didn’t use a calculator you would have to carry out a lot of research to estimate the amount you can expect to receive.
Structured settlement payments are calculated taking into consideration several factors, including current and future earnings lost, current and future medical expenses, pain and suffering, loss of quality of life, disability etc.
The process is fairly complex and every case is quite unique, which is why settlement calculators are such invaluable tools.
What will a structured settlement calculator tell me?
In addition to telling you how much structured settlement annuities should be worth, the calculator will provide you with further information that will help you to grasp the full complexities of structured settlement payments.
The calculator will also show you the number of years your payments will be spread out across, and the expected monthly or annual installments you will receive.
Furthermore, some structured settlement calculators can even take into consideration the impact of inflation and the possible interest you can earn on your annuity, so you can see how valuable this tool really is.
Other uses of a structured settlement calculator
These tools can also be used to estimate how much you can expect to receive in the form of a lump sum should you decide to sell your structured settlement annuity.
Sometimes, people are not happy with receiving periodical payments and would prefer to have the money all at once.
This is only possible when you sell the annuity to a structured settlement buyer, and they will never pay you the full amount for it (they are trying to make money after all!).
You can quickly fill in the details of your annuity payments and then the calculator will be able to tell you how much you can expect to receive if you decide to tell, allowing you to make an informed decision on whether or not it’s really worth going ahead with the transaction.