Lawsuits can be a major hassle and can be energy draining, demoralizing, and downright ugly. However, if you’re fighting for a good cause or because you or a loved one was injured, it all becomes worth it at the end when you win the case. Many lawsuits end in money getting paid back to the injured party in the form of annuity payments. In many cases, individuals use these payments to pay for their legal fees and if it was a personal injury case, any medical bills or other expenses that might have been incurred as a result of the injustice done. In some of these cases, a person might decide that choosing to sell annuity payments for cash might be a better option for them.
How Much Could I Expect In Annuity Payments?
Of course, it depends on your case, but the average employee lawsuit usually ends up yielding about $150,000 being paid out. In 2013, reports showed that the total amount paid for medical malpractice lawsuits was almost four million dollars. Not a bad sum, by any means!
If you’re wondering, “Can I sell my annuity payment?” rest assured. You most definitely can. You can even get cash for annuity now — the results can be almost immediate, instead of waiting for the gratification of receiving your money over the span of years. Additionally, withdrawing from your annuity before a certain age can result in fees or other penalties that you’ll have to pay. Having an annuity does not mean easy money, by any means.
Why Sell My Annuity Payments?
Many companies will offer you cash for your annuity payments. This gives you increased flexibility to do with your hard won money what you will. If you have staggering medical costs from a medical malpractice suit, you may not be able to wait for staggered payments — the hospital may need you to pay that money back immediately. Similarly, legal fees or other charges incurred during the lawsuit may need to be paid off immediately as well. Having the lump sum at your disposal lets you take care of those aspects without much trouble.
You can always choose to speak to a trusted bank representative or a financial advisor for input on what you should do. In many cases, if you explain your situation, they’ll suggest taking the lump sum instead of waiting for the annuity. This type of payment trusts you to make wise choices with the money you receive and to invest well — something that can be a challenge, especially if you’re used to living with reduced means.
Ultimately, it’s your choice on how you’d like to receive your money. If you’re pretty financially stable and feel as though it’ll be simpler to just be awarded a certain amount of money through annuities, that might be right for you. However, a majority of people who have ended up choosing a lump sum payment have been satisfied with that option. Having the freedom and flexibility of cash can be a huge blessing and one that many people are eager to take advantage of.