After you've negotiated settlement terms with an insurance company or other party, you may decide that you want to receive your settlement amount in one lump sum instead of in installment payments. If this is the case, you will need to get a structured settlement quote from a financial services firm or other party that is willing to purchase your settlement -- or some of your payments - for a fair price. Shopping around for structured settlement quotes can help you get the best fee for your settlement amount and ensure that you will get the highest possible price.

How a Structured Settlement Quote is Calculated

A structured settlement quote serves as an estimate for the purchase price of a structured settlement. The quote will include details about the payment arrangement and the lump sum payment that will be wire transferred to you. Structured settlement quotes also contain information about the expected date of payout and the proceedings that will follow after the payout. It is in your best interest to obtain a structured settlement quote from several different financial service firms and companies so that you can get a fair price for your asset. It's important to look at your structured settlement as an asset, because if you don't proceed with the sale, you will be receiving a series of payments for five, ten, twenty, or thirty years, or even over the course of your lifetime.

If you decide to sell a structured settlement, you forfeit your right to receive these payments and will only be receiving a percentage of the total award amount as a lump sum payment. The amount you will end up receiving will vary from company to company, so it's important that you obtain structured settlement quotes from several different companies so that you can get the highest possible amount.

Getting Structured Settlement Quotes

If you have the time to research different settlement buyers to get structured settlement quotes, be prepared to provide detailed information about your asset and wait for a response. Another option is to work with a structured settlement broker who can do the legwork needed to get a structured settlement quote from various contacts on your behalf. Keep in mind that brokers have access to many potential buyers at any given time, and may be able to help you sell off that structured settlement as quickly as possible. Alternatively, you could spend a few weeks or even months shopping around for the best buyer and get a structured settlement quote that commands the highest purchase price.

When reviewing structured settlement quotes, it's a good idea to take a close look at the proposed payout schedule and determine how much of a loss you will be taking from the sale. Some companies do impose fees with the transaction, so it's important that you review the estimate as closely as possible and understand exactly how much you will be receiving. The companies or individuals you are obtaining structured settlement quotes from should be able to provide a payout date and a schedule if you will be receiving more than one payment as part of the buyout.