Structured settlements are used by more than 30,000 recipients every year. In 2019 alone, the structured settlement industry paid a record-breaking $6.4 billion to people who needed them most. So if you’re considering a structured settlement, you’re far from alone.
But not every company in the industry is created equally. So how can you choose the best structured settlement company for your needs? Continue reading to find out.
Check Online Reviews
One of the best ways to see which structured settlement company is the best for your unique situation is to check online reviews. This is also one of the easiest assessment methods.
There are numerous websites dedicated to allowing previous customers to rate businesses. While every person’s experience will vary slightly, getting an idea of how previous customers as a collective were treated is a great way to determine how you may be.
A few tips for successfully assessing online reviews include:
- Check at least two different review sites (but more is always better)
- Avoid any companies with less than a three-star rating (out of five stars)
- Make a point to browse the written reviews
- Remember, one bad review doesn’t mean the company overall is bad
Assess Their Customer Service
You can tell a lot about any company by the quality of their customer service. So, go ahead and check it out.
Companies that provide poor customer service are likely to give you an overall negative structured settlement experience. On the other hand, companies with high-quality customer service care about their customers and are more likely to provide a positive experience.
How can you assess a company’s customer service quality? Give them a call or (if applicable) use their online chat feature.
Be sure to ask questions about the structure settlement options they offer. If there’s anything you don’t understand, ask questions. The representative should be friendly, helpful and show that they’re actively listening to your questions or concerns.
Compare Amounts Offered
The structured settlement market is very competitive. As a smart consumer, you can make the most of this competitiveness by shopping around for the best offers.
You’ll want to speak to at least two different companies before making a decision. Ask them for their best offer on your unique situation. Be sure to get the offer in writing, so you have proof when you go back to the company after making your decision.
At a minimum, you want any offers received to be at least the lump sum amount of your settlement. If not, you’ll be losing out on money. If you’re lucky, you may find structured settlements that offer slightly better than your lump sum amount.
More Questions About Choosing the Best Structured Settlement Company?
Many people use structured settlements, but not every company is created equally. You can use the information above to help you choose the best company for your unique situation.
Do you have more questions about choosing the best structured settlement company?
Check out our other blogs. You’ll find articles on lawsuits, finances, and related topics to help you learn more on the matter.