Sometimes taking your lumps is a good thing.

A friend of mine got hurt at a hospital, the hospital wants to make the settlement a monthly payment payout where periodic payments that my friend will accept to resolve the hospital negligence.   The husband wants a lump sum payout.  I do not blame him here, this way they will not have to deal with hospital again on finances other than have them cover the medical expenses to cover their mistake, but the hospital is pushing for a monthly payment settlement.


A Structured Settlement is a financial or insurance arrangement, including periodic payments, that a claimant accepts to resolve a personal injury claim or to compromise a statutory periodic payment obligation. Very large words for payout in monthly install ments.  Structured settlements were first utilized in Canada and the United States during the 1970s as an alternative to lump sum settlements.


Structured settlements may include income tax, and spendthrift requirements as well as benefits. Structured settlement payments are sometimes called "periodic payments". A Structured Settlements incorporated into a trial judgment is called a "periodic payment judgment".


An alternative could be a lump sum payment.  I like having all the money nice and tucked away.  This lump sum payment would give you more freedom to manage your personal injury settlements.  Lump sum, you have the money and instead of waiting for the monthly installments from your structured settlement.  May all your settlements be lump.


Cheers