How to Receive a Structured Settlement Payment

People are awarded a structured settlement through a legal agreement between two parties. It’s a series of periodic payments scheduled to continue over a set amount of time. Although, people can accept another option:  a lump-sum payment.

There are a number of reasons why someone can receive a structured or lump-sum settlement. Read on to learn about them.

Workers’ Compensation

When employees suffer an injury or become ill because of their job, they’re entitled to receive a special kind of insurance from their employers. This applies whether it was company negligence or the affected person’s fault. This is state-mandated to protect workers from business malpractice.

The money is supposed to cover wages while they’re recovering and unable to work. This can also be used for other expenses such as medical treatments. Those with permanent injuries usually get higher compensation because their employment can be affected.

Personal Injury

This is a civil case in which a person who claims to be hurt files a lawsuit seeking compensation. Some of the most common reasons include slipping on a wet floor and medical malpractice.

That said, even though most personal injury cases involve physical injuries, they cover much more. These kinds of lawsuits can also be pursued because the victim’s mental or emotional state was affected.

Medical Malpractice

Doctors are trained to help people get better from their illness. But, some do more harm than good. When a patient gets injured or dies after a medical professional treated them, they can sue and receive a structured settlement for malpractice.

There are plenty of reasons to pursue this kind of case. Other than misdiagnosing someone, or prescribing wrong medications, medical malpractice can include surgical errors, unnecessary procedures, and failure to identify symptoms.

Wrongful Death

A wrongful death claim occurs when a person is killed because of another party’s intentional harm or negligence. This usually includes fatal car crashes, product liability, and elder abuse. The compensation received from a structured settlement funding company aims to support the victim’s surviving loved ones from their lost finances, as well as pain, and suffering.

These are just of the reasons people receive a structured settlement funding. For those who want to pursue similar cases, it’s best to talk to an experienced lawyer to learn what steps you need to take next.