Should You Request a Lump Sum or Structured Settlement from the Insurance Company?
Most personal injury claims settle via a lump sum payment. That means the injured victim gets a check from either the at-fault party’s insurance provider or their own insurance provider and that’s the end of the process. But victims can also request structured settlements, which means they get their payments spread out over several years.
Which is right for you? There are pros and cons to each type of settlement.
Pros of a lump sum:
- You get all the money right away. You don’t have to wait, and you can begin paying your medical bills and everyday living expenses.
- You can put the accident behind you. Receiving a lump sum payment signals the end of your claim.
- You can invest surplus money to receive a greater return.
Cons of a lump sum:
- Handling a windfall can be difficult. Many people struggle to manage a large amount of cash.
- If you mismanage the money, it’s gone. There will be no more checks coming to you.
- You may owe a greater tax burden.
Pros of a structured settlement:
- You can count on regular payments to continue for a long time. That means that even if you mismanage your first few checks, more are coming.
- You can save money on taxes.
Cons of a structured settlement:
- You lose out on some money due to inflation.
- You lose out on the chance to invest excess money.
The Roanoke personal injury lawyers at Skolrood Law Firm can help you decide whether a lump sum or structured settlement is right for you. Contact us today for a free consultation, and let us build your claim.
We’ve Recovered Millions for Injured Virginians
At Skolrood Law Firm, we know that injured victims are looking for many things when they contact a lawyer: honesty, dependability, attention to detail, open communication, and more. But because victims call lawyers when they need compensation, their biggest “want” is a lawyer who will get them the money they’re owed—and that’s exactly what we strive to do!
Our Roanoke personal injury lawyers work hard to get our clients every penny they’re owed, and that shows in the results we’ve obtained. We’ve recovered multiple $1 million+ paydays for clients, including a $1.1 million verdict for a 65-year-old woman, a $1.7 million settlement for a 40-year-old man, and a $1.4 million settlement for a 49-year-old woman.
In addition, we’ve won several $500,000+ settlements for people who suffered serious injuries. Those recoveries are unheard of from insurance companies unless they know victims have lawyers on their sides. Because insurers value their profits over the recoveries of victims and policyholders, they pay as little as possible. It’s not uncommon for victims to get offers that are 1/10th or less of what they’re actually owed!
If you were recently injured through no fault of your own, never accept the insurance company’s offer without speaking to a lawyer first. There’s a good chance you’re owed significantly more, and with our legal team on your side, you can improve your chances of getting every penny. Contact us today for a free consultation. We’ll work hard to get you the money you need to recover.
Can You File an Injury Claim for Someone Else?
Most personal injury claims are filed by the people who were hurt. Common examples include car accident victims suing to get compensation after negligent drivers hurt them, or patients suing for compensation after being harmed by negligent healthcare providers.
But sometimes, injured victims aren’t capable of suing someone or something on their own. This can include minors, people who have sustained serious traumatic brain injuries, people with Alzheimer’s and other debilitating cognitive conditions, and people with developmental challenges. In addition, it can also include victims who died as a result of their injuries (wrongful death lawsuits).
As with an injury claim that you’re filing on behalf of yourself, filing a claim for someone else requires evidence and the assistance of an experienced Roanoke personal injury lawyer. At Skolrood Law Firm, we’re well equipped to help your loved one get the compensation they’re owed for the injuries they suffered.
We know that not all victims are capable of filing lawsuits on their own, whether it’s due to pre-existing conditions or injury-related disabilities. That’s why our services are open to the people who care about them the most—their parents, spouses, children, grandchildren, and other close family members. When you call our firm, we’ll take the time to get to know you, your injured loved one, and the rest of your family, so that we can better help you move forward with your lives.
Contact us today for a free consultation. We have decades of experience fighting for the rights of injured Virginians, and now we want to help your family, too.