Many people have been compensated for injuries sustained in an accident Until 1982, such compensation was usually accomplished by payment in a lump sum. A change in Federal law that year created what are now known as structured settlements, an alternative to lump-sum payments where the injured party receives monthly or annual payments over a period of time.
A structured settlement can offers several advantages over a one-time, lump sum payout. With a structured settlement, the security of long-term income is guaranteed. If the victim is confined to a wheel chair or needs constant bed rest and nursing attention, a structured settlement can make certain that sufficient funds will be in hand to pay for the care. This allows the patient and/or their family to concentrate on health care without having to be overly concerned with the machinations of investing a lump-sum payment.
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