This means you would receive periodic payments, but for a guaranteed number of years or for your entire life, whichever comes first.
Temporary Life Annuity
For temporary life annuity, you would still receive periodic payments for a guaranteed number of years but only if alive. In other words, with this type of structured settlement you would not have the ability to name a beneficiary.
Lump Sum Annuity
If wanted, you could establish an annuity whereby you would receive a lump sum of money on a specified date in the future. For instance, if you were 55 years old at the time of the incident, you could bolster your retirement funds by having the lump sum set for ten years ahead. This would mean that at age 65 you would have more money on which you could retire.
For the lump sum option a beneficiary could be chosen. However, once you choose the future date, it cannot be changed.
Life Only Annuity
With life only annuity, you would be able to determine the frequency of payments, if the attorney would be paid in periodic payments or a lump sum, and whether you receive any upfront cash in the form of a lump sum prior to the periodic payments being created. Also, payments would be paid for the remainder of your life and no beneficiary provision is offered.
Joint and Survivor Annuity
With joint and survivor annuity, you would still be receive monthly payments for the rest of your life. However,if you chose a beneficiary and that individual were to outlive you, the monthly payments would be transferred. Thus, the chosen beneficiary would receive payments for life.
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