What happens when someone who lives paycheck to paycheck is injured and must miss work? The outlook is not promising. According to a survey included in a 2018 Federal Reserve report on the economic well-being of households, almost 40 percent of Americans would struggle if they unexpectedly had to pay $400 for a financial emergency. The survey was conducted in October and November 2018 even as unemployment rates continued to fall.
The survey shows that millions of Americans can’t afford to be out of work for even a short period. This particularly hits home for personal injury victims who suddenly find themselves unable to work (and without a paycheck) for long stretches of time or even permanently.
Structured settlements in personal injury cases give claimants and their families the opportunity to return to a level of financial stability. When the injury forces an extended period off work, a structured settlement provides a steady, guaranteed stream of tax-free income paid out according to a set schedule (i.e., weekly, bi-weekly or monthly).
Additional moneys can be paid in lump sums upfront and throughout the life of the structured settlement to cover anticipated and unanticipated expenses.
Injured parties and their families have enough to deal with during the healing process. A structured settlement removes financial stress from the equation.
Feel free to call anytime with structured settlement questions.