Sell My Structured Settlement
What is a Structured Settlement?
A structured settlement is a contract that an individual enters into with a life insurance company that pays them out over a certain period of time. Entering into such a contract, allows the insurance company to pay out the settlement over the course of months, years, or even decades instead of paying the individual the full amount of the settlement up front.
An individual can receive a structured settlement for several different reasons. Most commonly a structured settlement is an agreement entered into from the settlement of a lawsuit, often from a personal injury, wrongful death or medical malpractice case. Additionally, an individual can also receive a structured settlement through winning the state lottery, where the winnings are to be paid out to the individual in periodic installments by the state lottery commissioner.
Structured Settlement payments can come to an individual in several different ways: in the form of monthly payments, annual payments, quarterly payments, and/or lump sum payments. And all structured settlement payments can be defined as either guaranteed or life-contingent.
Guaranteed structured settlement payments are guaranteed to pay out to you or your beneficiary pursuant to the terms of the annuity listed in your structured settlement agreement. For example, if an annuitant is set to receive a lump sum payment of $10,000.00 due in 2020 and the annuitant passes away in 2018, that $10,000.00 will still be payable to the beneficiary of the structured settlement agreement.
In contrast, life contingent structured settlement payments are payable to you for as long as you shall live. Thereby, once the annuitant is deceased the payments simultaneously will cease to be paid out, and the beneficiary will not receive any remaining life contingent payments.
How Can We Help?
Structured Settlements make it easier on the insurance company by paying you over a period of years rather than all upfront. However, this payment arrangement often times does not cover your needs and waiting for these payments can become financially strenuous. Life happens – we want to ensure that your financial goals are met.
We believe in the value of the client relationship, and it is extremely important to us to keep our clients happy! The best way to do that is by putting the money where it belongs- your money in your pocket! (And more of it!)
NorthStar Settlement Funding, Inc. is committed to providing first-rate customer service. Your Account Specialist helps to create a personalized structured settlement transfer plan that is adjusted to fit your exact personal and financial needs.
No Hidden Fees
Don’t worry about getting hit by extra fees or surcharges that will cut down on the cash you ultimately receive.
There are no hidden fees, surcharges, or expenses associated with our structured settlement sale process. We will handle all court costs, underwriting fees, notary expenses, and even court-document retrieval fees should they become necessary.
Once you accept our offer and provide us with the needed documents, we will file a petition with the courts to transfer your structured settlement annuity payments.The process to transfer your settlement payments will typically take about 4 to 6 weeks, depending on your jurisdiction and how quickly you provide us the required documents. In some states the transfer of structured settlement payments can proceed very quickly, and in others it may take a little bit longer. No matter what jurisdiction you are in, NorthStar Settlement Funding will work to make the process quick and hassle free.
Yes!Most states have a “Structured Settlement Protection Act” and this law allows you to sell your payments as long as it meets the following requirements:
- You must be given a full disclosure about the financial terms of your sale.
- You have a “cooling off period” after you sign documents to change your mind and cancel the sale
- You must be advised in writing to see independent professional advice regarding your sale. In some states you can choose to waive the advice.
- A hearing is held where a judge considers your case and decides whether to approve the sale. The judge will examine your financial situation, what you want to do with the money and whether it is in your best interests to sell your payments.
- The judge must issue a court order approving the sale.
We cover the full cost of the transaction, and our attorney will submit the documents to the court. As mentioned in the previous question, you must be advised in writing to see independent professional advice regarding your sale. In some states you can choose to waive the advice or be required to hire a professional advisor or attorney.
The value of a dollar you have today is not equal value of that same dollar if you have to wait to receive it. This concept, known as the time value of money, is one reason that you must pay interest when you take out a loan, and why banks pay you interest if you open up a savings account.
Most people only need to sell a portion of their future payments to get the lump sum of cash they need in order to reach their financial goal. If you’re looking to sell your structured settlement payments, you can either: sell all remaining payments, sell some of your payments, or sell part of each payment.
Some common financial goals are: Purchase a Home, Pay Off Debt, Medical Expenses, and Pay for College.