Structured settlements are very helpful for their holder because they offer long term income to them. Structured settlements are in the favor of both parties, when an injured person files a lawsuit in the court, against a business firm or an individual then normally the legal advisor of the defendant asks to settle the case with structured settlement. Though structured settlements are authorized by the court but they are settled, and decided majorly by the insurance companies, and the involved parties.
The basic aim of structured settlements is to give financial aid to the person who is not in the right physical position to perform his/her duties regularly. It offers a complete income package to the injured person. In structured settlements, a huge amount of cash is paid to the claimant by the defendant of the lawsuit, in the form of installments.
The installments are paid either on monthly, bi-monthly or yearly basis. The schedule of the annuity payments procedure is also finalized according to the will of the involved parties. Payments are made for a particular period of time, and sometimes installments are made throughout the life of the injured person. The schedule of payment mostly depends on the situation of the lawsuit.