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Structured Settlement Counselors

Working with Structured Settlement Counselors

A structured settlement is most commonly in the form of a special insurance policy, one purchased from an insurance or financial company. However, a structured settlement could also be the result of court-awarded funds resulting from some kind of personal injury. In the case of purchasing a settlement, the purpose is to prepare for the future just in case something was to go wrong and work would be impossible.

For court-ordered settlements, any money awarded from an employer, individual, or company due to negligence that caused a personal injury would be paid out in payments. The judge in the case would determine the monetary value of the award, which would then be set up in the form of payments made by the defendant to the plaintiff. These payments would continue over the course of months, years, or even a lifetime until the award had been met.

Regardless of the type of structured settlement, taking time to meet with a qualified counselor would probably be advantageous. Prior to buying a structured settlement from an insurance or financial company, the counselor would be able to look at the person's finances, currently but also 5, 10, 15, or 20 years down the road, or more. Based on this information, as well as other key factors, the counselor would offer a recommendation as to the amount of policy the person should buy.

If a person were injured and after suing the other party had been awarded a structured settlement, before any money received was spent, it would again be helpful to meet with an experienced counselor. In this case, the primary focus would be on the amount of money the person received, how much money is needed each month for uncovered medical bills and living expenses, and whether the person would be able to return to work or if he or she would now be permanently disabled. Again, with this information, the counselor would be able to offer the best recommendation for managing the money.

The type of counselor that handles structured settlements of any kind is a Certified Financial Planner or CFP, or a Chartered Financial Professional, also referred to as ChFC. Both of these professionals have completed education specific to the job, and have gone through in-depth training so the services they provide are accurate. Of course, when the person begins searching for a counselor, it is perfectly fine for the counselor's credentials to be asked for, at which time the individual should not hesitate in confirming them.

Although a conventional financial advisor would be able to help, when dealing with a structured settlement, it would be important to work with someone that has specific expertise. These counselors are certified as Certified Structured Settlement Counselors, or CSSC. Seeing a counselor with this certification immediately provides peace of mind that the counselor possesses strong knowledge pertaining to a policy and settlement such as these.

The goal of the counselor assisting with a structured settlement is to put the person's mind at ease and to find avenues and/or solutions that would capitalize on the money being received. Although the cost for a counselor of this caliber would be relatively high, this person would actually save the person receiving money from the structured settlement money in the long run.