By: Elena Grace Flores
In the United States, it is common to apply for Structured Annuity Settlement for injuries, wrongful death and workers accidental compensation. However, in other countries like the Philippines, a lump sum is often paid by the insurance company or expenses are covered by health insurance which is paid directly to the hospital.
Structured Annuity Settlement nonetheless can be applied in Annulment cases where the defendant can agree with the complainant for scheduled payment secured in writing by the lawyer and submitted to court for record purposes. This can be designed based on the capability of the payer for child support or alimony. The length of the payment plan can range from one year to lifetime as agreed by both parties.
There are of course pros and cons to this Structured Annuity Settlement. Ex-spouses who are not in good terms can’t get over their negative situation easily if the financial support is boggling them for a long period of time. On the other hand, if the payer is not in the position to pay enough lump sum that the complainant is satisfied of, then this is another alternative to settle financial grievances.