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Structured settlements might provide you with a secure future

Seeking compensation for injuries suffered during a truck accident doesn't always mean that you will have to go to through a trial. In fact, many personal injury lawsuits are settled before the case makes it to trial. Some of the cases that are settled are settled with a structured settlement.

If you agree to settle your semi-truck accident claim with a structured settlement, it is vital that you read over the terms of the settlement because these terms are often very restrictive. Generally, you can't bring future legal action against the defendant for the accident. The structured settlement is the extent of what you are going to receive.

One of the terms of the structured settlement is usually that the trucking company or defendant won't have to admit any guilt or negligence. If you filed your claim for compensation because you wanted to hold the defendant accountable, that might be a deal breaker for you.

When you agree to a structured settlement, you will receive payments at scheduled intervals. This can be the way the entire structured settlement is handled; however, some structured settlements also include a lump-sum payment to help you cover any costs that have been building up while you were negotiating the settlement.

Another positive aspect to having a structured settlement is that the annuity will be managed by a professional. That means that you aren't likely to go broke quickly. For a person who receives lump-sum payments, going broke within 5 years is common.

It is important that you carefully consider the terms of the structured settlement before you agree to it. It is also important that you ensure the settlement agreement is legal and binding so you know you will get the funds you agreed to receive.

Source: FindLaw, "Structured Settlements: Pros and Cons," accessed Sep. 06, 2015

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