Unexpected events and circumstances, often financial burdens
, sometimes require a lump sum of money. Here are some reasons why some annuitants have decided to sell their structured settlements in return for a lump sum buyout:
- Jeff was bitten in the face by a dog and had received 500 stitches to his face when he was only 10 years old. Jeff was awarded a structured settlement for his pain and suffering in 2003. In 2009 Jeff lost his job and his high interest rate debt started to accumulate. Jeff decided to sell his settlement so that he can build a new career and support himself in the process.
- Johns right foot was crushed at work by A forklift and he had to go through a transmetatarsal amputation. John's employer and John worked out a settlement to give John monthly payments in 2008. However, John realized that because of his injury, his goals had changed and he needed to go back to trade school. John decided to sell his long term structured settlement payments and use the money to support himself while attending a trade school.
- Andrea was pinned by a city bus. Her pelvis was broken and she had to go through a number of surgeries on her left thigh. In 2003 she was awarded structured settlement payments to be paid out for the next 10 years. With her life partner/breadwinner incarcerated and her bills piling up, Andrea had no choice but to sell her structured settlements for a lump sum in order to catch up with her bills.