Malignant Mesothelioma and Benign Mesothelioma - How Are They Different?
Most of your body's internal organs are covered by a membrane called the mesothelium. When a person gets a type of malignant or benign cancer called mesothelioma it affects the mesothelium.
The pleura is the lining around your lungs. Most mesothelioma cases start in the pleura or the peritoneum, which is the lining that surrounds your abdomen.
What Causes Mesothelioma?
Wherever it begins, the disease was almost always a result of being exposed to asbestos.
Asbestos is a silicate that has been mined and used for centuries because of its many useful properties which include thermal insulation, thermal stability, and chemical stability. Many of the people who have developed malignant mesothelioma have had jobs where they were exposed to asbestos fibers and either inhaled or swallowed the particles.
Malignant Mesothelioma Survival Rates
Mesothelioma survival rates reflect the percentage of people who have the disease and survive for a specific amount of time. Survival rates often reflect a five year time span.
Generally, the survival rate for mesothelioma depends on the following:
1. The patient's health and age
2. The stage of mesothelioma
3. The tumor's size
4. Whether or not the tumor can be removed
Since many variables are involved there are not absolutes. For example, if a patient is diagnosed with stage 1 mesothelioma and is generally in good health then he or she might be a candidate for mesothelioma treatment or surgery. If there is a good response to the treatments then there could be significant improvements for the chance of survival.
With that being said, here are average survival rates for mesothelioma sufferers:
- Approximately 40% survive the first year
- Approximately 20% survive the second year
- Approximately 12% survive the third year
- Approximately 10% survive the fourth year
- Less than 10% survive the fifth year
Since conditions do vary from one person to the next it is recommended that patients consult with their doctors.
What is Benign Mesothelioma?
Approximately 10% of all mesothelioma cases are benign. Because it isn't cancerous, treatment is much easier and it can be removed.
The symptoms are very similar to those of cancerous mesothelioma. However benign tumors don't invade nearby organs and tissues. They don't spread to other parts of a person's body.
Nonetheless, if a benign tumor grows large enough it can induce seizures or comas.
Once a person is diagnosed with benign mesothelioma then treatment and/or surgery will probably be scheduled. Most patients completely recover. Their pain usually diminishes and they most likely will find it easier to breathe.
Research indicates that 90% of benign mesothelioma patients have not had a repeated occurrence of a tumor growth.
Tri Modal Asbestosis Treatments And Improved Mesothelioma Survival
Latest advances in the development of combined surgical, radiotherapy and palliative procedures used in the treatment of mesothelioma have helped to increase individual patient longevity by several months and even 1-2 years are not unknown in specific instances.
However, a complete cure for the deadly asbestosis cancer has yet to be fully realised. Survival rates from confirmed diagnosis tend to be around 4 to 12 months because, invariably, the disease is at an advanced stage and has spread to adjacent tissue cells or 'distant' organs.
A recent case involving a South American woman who was treated in Italy, and according to the Italian doctors "... shows a disease-free survival interval of 4 years for malignant pleural mesothelioma" and thus, is key evidence for an improved prognosis.
With a three year time limit from confirmed diagnosis for an asbestosis lawyer to make a mesothelioma claim on behalf of the patient, it could undoubtedly be of significance in future mesothelioma compensation cases and help towards providing a better quality of life for a surviving patient and their family.
Surgery, chemotherapy and radiation therapy are established 'tri-modal' asbestosis treatments used in fighting the fatal tumours that form in the linings of the lungs ( pleural mesothelioma) or within the membrane surrounding the heart (pericardial mesothelioma). Chemotherapy is used with the aim of reducing the mesothelioma, surgery to remove the diseased tissue, and radiotherapy to prevent a return of the cancer cells.
There is an exceptionally long gestation period of up to 40 or 50 years from an original exposure and breathing in of the asbestos fibres to the appearance of the first asbestosis symptoms or signs of mesothelioma. Often the victim is elderly or in poor health or has a history of smoking and survival rates are likely to be considerably reduced.
Previous research has confirmed that if the disease is diagnosed at an early stage or if the patient is younger, there is a higher probability of surviving mesothelioma for longer. In the present case, the woman was young and admitted to hospital with the usual, non-specific symptoms including, shortness of breath.
Prior to surgery, two cycles of chemotherapy were administered using the acknowledged treatment standard of pemetrexed and cisplatin. This was followed by an extrapleural pneumonectomy, a procedure to remove not only the cancerous membrane, but also adjacent membranes such as the nearest lung, and often the diaphragm. The patient also received external beam radiation to one side of the chest after a period of six months had elapsed.
Post operation monitoring by a combination of PET and CT scanning has yet to find any signs of a return of the disease some fours later.
With around 2,000 cases of mesothelioma still being diagnosed each year and over 4,000 asbestos disease related fatalities recorded in the UK, it is hoped that tri-modal procedures will help to improve future survival rates.
Chemotherapy Helps Mesothelioma Survival?
Mesothelioma is a rare form of cancer in which malignant (cancerous) cells are found in the mesothelium, a protective sac that covers most of the body's internal organs. Each year, more than 2,000 new cases of mesothelioma are diagnosed within the United States, many of which end up being terminal.
While there is no one-size-fits-all cure for mesothelioma, researchers and doctors have been working on different treatments to help make this rare form of cancer more manageable. Currently, treatment for mesothelioma generally depends on the location, stage, general health and age of the mesothelioma patient. From that point, patients may receive one or more of a combination of treatments that involve surgery, radiation and/or chemotherapy.
Does Chemotherapy Treatment Work?
Chemotherapy is considered a palliative treatment modality which means that it can help reduce the symptoms of mesothelioma and perhaps the size of the tumors, but it is not curative. Within the last decade, chemotherapy containing cisplatin-antifolate combinations has been shown to improve responses and prolong survival in mesothelioma patients. Based on the successes shown in clinical trials, a trio of research scientists in The Netherlands launched their own population-based study to "assess the impact of this development on clinical practice and survival at a population-based level."
The study focused on 4,731 Dutch patients diagnosed with mesothelioma between 1995 and 2006. For the periods 1995-1998 and 2005-2006, the use of chemotherapy to treat mesothelioma jumped from 8% to 36%. At the same time, median survival for chemotherapy-treated patients increased from 10.1 months in earlier years to 13.1 months in more recent years. The researchers summarized their findings by stating that increased chemotherapy use at the national level did improve survival rates of mesothelioma patients, but they also cautioned that there may still be alternative explanations as to why this is the case.
Alimta and Cisplatin
Cisplatin is a platinum-based chemotherapy drug marketed as Platinol and used to treat a number of different cancers, including mesothelioma, some carcinomas such as small cell lung cancer and ovarian cancer, lymphomas and germ cell tumors. Inside cancer cells, cisplatin and other platinum-based drugs trigger cell death, killing the cancerous cells. In the United States, the platinum-based drug, cisplatin, is usually combined with another drug, Alimta, for treating mesothelioma. Alimta is an antifolate drug, which works by blocking the activity of folic acid inside cells interfering with cellular metabolism.
The FDA approved the Alimta plus cisplatin combination after a clinical trial demonstrated that the two drugs were more effective than one drug. In the July 2003 edition of the Journal of Clinical Oncology the published results reported a median survival time of 12.1 months for mesothelioma patients who received Alimta and cisplatin versus 9.3 months for the mesothelioma patients who just received cisplatin. The researchers also found that the addition of folic acid and vitamin B12 helped to reduce the toxicity of the drugs without adversely affecting survival time.
It is the hope that as research continues there will also continue to be better alternatives (and hopefully a cure) for those who suffer from mesothelioma.
Disclaimer: The information in this article is for educational and informational purposes only. The content is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have read in this article.
Mesothelioma Survival - What Are the Chances?
Every year, about 3000 new cases of mesothelioma are diagnosed in the United States alone. Unfortunately, mesothelioma is an aggressive and usually fatal type of cancer that results from asbestos exposure. This disease occurs when microscopic asbestos fibers are inhaled and get lodged into the linings of the lungs.
What are the chances for mesothelioma survival once a victim gets diagnosed? Sadly, not many victims of mesothelioma survive more than five years after the diagnosis has been made. Mesothelioma survival chances are increased if the disease is caught early. However, this kind of cancer is difficult to detect in its early stages. Once it is detected and diagnosed, it is oftentimes in its advanced stage and too late for a definitive cure. According to reliable sources, less than 10% of mesothelioma sufferers get the chance to survive more than 5 years, while about 40% of sufferers survive more than a year after diagnosis.
As in all forms of cancer, mesothelioma survival rates depend on various factors. These include:
* The current stage of the cancer. The stages of mesothelioma range from Stage One, which primarily means that the tumor is localized in the chest lining, to Stage Four, meaning that the tumor has spread to other vital organs.
* The histology (cell structure and type) of the cancer. Mesothelioma cancer can come as epithelial, which has better prognosis, sarcomatoid, biphasic or desmoplastic.
* The overall health condition and age of the sufferer. The malignant forms of mesothelioma are oftentimes diagnosed in sufferers above the age of 55. Generally, the older the victim is, or the more chronic illnesses associated with the disease, the less chance there is for mesothelioma survival.
* The size and location of the tumor (whether the tumor is operable or not.)
* The extent of the symptoms, such as whether fluid buildup has been observed in the lungs or abdomen.
Mesothelioma is a serious condition which demands immediate medical attention. Although there is no proven cure for mesothelioma, various treatment options are available to prevent the disease from spreading and also to reduce pain and suffering for the victim.
These treatment options may increase the chances for mesothelioma survival. According to various studies, victims administered with chemotherapy, radiation, or surgery, or a combination of any two or three, have a survival rate of at least 18 months after undertaking the procedures.
Today, many experimental treatments are being evaluated throughout the world in controlled clinical trials. These include Photodynamic Therapy, Immunotherapy, Heat Therapy and Gene Therapy.
Survival Rate After Diagnosis of Mesothelioma
Mesothelioma is a new form of cancer induced by asbestos in lungs, heart and abdomen. Anyhow if anybody inhales the particles of asbestos, they stick to the external lining of internal organs and induce cancer there. This is very complicated form of cancer because it reaches to advanced stage until the patient comes to know about his illness. Therefore, it has very less survival rate. Studies on mesothelioma survival rate have shown that only one person survive out of ten after diagnosed with the disease till three years and only one person survive till five years out of twenty after diagnosed with this new form of cancer.
Symptoms of this cancer do not appear till 40 to 45 years after being infected with asbestos and therefore, the average age of the people diagnosed with this disease is 61 years. The major problem with the diagnosis of mesothelioma is that, its symptoms are similar to other respiratory diseases and therefore, it takes long to declare a person suffering with this life threatening disease. This all leads it to less survival rate. This is called life threatening because still no permanent cure could be found for it. There are some treatments but, they just can extend the life of the patient.
Some factors on which survival rate of mesothelioma is based on are- the size of the tumor, stage in which the patient is, the quantity of fluid in the abdomen and chest, duration it took to diagnose the disease, and whether the tumor can surgically be removed completely or not. Still the studies are being performed on this disease and a permanent treatment to increase the survival rate of the patients.
The treatments known to this disease are very expensive but they can be made affordable by asking for compensation money. For that a lawyer, good at pleading for mesothelioma is to be found. Lawyer helps to get more and more amount as compensation money. Therefore, after coming to know about disease not only a doctor but also a lawyer should be contacted to get the amount and compensation you deserve.
Malignant Pleural Mesothelioma Survival Rate
Malignant Pleural Mesothelioma is a lethal cancer that starts in the lining of the lungs. The main cause is believed to be unprotected contact with asbestos. Every year about 3000 new cases of this disease are reported in the United States. It is estimated that over the past fifty years nearly eight million people have been exposed to asbestos and that 300,000 new cases would be reported by the year 2030. The peak may be around 2020 and thereafter the incidence is likely to taper down because of the preventive measures that are being taken.
Like in all cases of cancer, early detection and appropriate treatment improve the survival rate. On both counts the pleural mesothelioma patients are at a disadvantage. Symptoms take anywhere between 20 to 50 years to manifest. Because of this, the patients are generally in the fifty plus age group. And the outwardly noticed indications of the sickness are similar to that of several lesser ailments. This makes the diagnosis difficult. Because of all these, by the time the problem is detected, the cancer is likely to have spread. As yet there is no fully effective line of treatment. It is generally accepted that a combination therapy is better than monotherapy. A great deal of research is being done in this area.
A number of studies have been made about the survival rate among pleural mesothelioma patients. They all come to the same conclusion - the disease is almost always fatal. The lifespan of a person diagnosed with pleural mesothelioma is about six months to two years. There have been exceptions and their stories are inspiring. The life expectancy varies according to the stage (pleural mesothelioma has four different phases) and the type. One research based on the histologic (tissue structure)tests shows a median survival of 11 months - 9.4 months for sarcomatous, 12.5 months for epithelial and 11 months for mixed.
Several inspirational books are available for the patient to read and fortify himself. Also helpful are chat rooms with others in the same condition.
Mesothelioma Survival Rate: Getting This Diagnosis Is Not An Automatic Death Sentence
The mesothelioma survival rate for victims is not good. The main reason for this is that it usually goes undetected until the later years of life, even if the asbestos exposure took place in a person's youth. The earliest symptoms are so common... coughing, fatigue, occasional fever... and come and go, making it easy to assume that you have a cold, the flu, bronchitis, and so forth. By the time it becomes chronic and debilitating enough to diagnose, it is usually to late to do more than make the patient comfortable, or give them a few more months.
Researchers are spending most of their time trying to come up with dependable tests to help diagnose the condition earlier, which would give chemo, radiation, and surgery a better chance of succeeding. Tests like the Mesomark blood test seem to be very promising new treatments that should increase the mesothelioma survival rate.
While The Usual Prognosis Is Less Than a Year, Some Patients Do Survive Longer.
A very small number have even achieved a five year remission or longer, though it is always expected that the cancer will return. The professionals cannot really explain why some people are able to fight this dreadful cancer. They do seem to have all gone through some sort of immune system therapy, either through clinical trials or by trying alternative treatments dealing with the immune system. Therefore, researchers are concentrating their efforts on both early detection, and also strengthening the immune system in an attempt to improve the survival rate for mesothelioma patients.
Paul Kraus Is Still Alive 13 Years After Being Diagnosed With Malignant Peritoneal Mesothelioma
You never know what the universe has in store for you. You might want to read about Paul Kraus, an Australian who was diagnosed with malignant peritoneal mesothelioma in 1997, thirty-five years after he was exposed to asbestos while working in a factory. He changed his whole life style by becoming a vegetarian, adding supplements to his diet, juicing, and undergoing ozone therapy, which removes blood from the body, adds ozone to the blood, and then drips it back in.
He is still alive, though getting weaker, and the cancer is not gone, but he is pain free and may live for several more years. He also uses as an example to give cancer patients hope, a 58 year old man who was diagnosed fourteen years ago and had a chest wall resection, and has never had a recurrence of mesothelioma. The mesothelioma survival rate is known to be affected by attitude. A positive attitude and a fighting spirit are needed to fight any chronic disease.
Structured Settlement Annuity Buyer
Annuities are one of the most important and inevitable and lucrative policies for the well being of the senior citizens of America. However, at some crossroads of life one might need to have their future to be planned in a proper way, especially during and after the retirement phase. The best time to buy an annuity is age 55 or older. An annuity is the ideal life planning tool for a senior citizen that comes up to him or her with all the advantages near the end of his life.
A structured settlement annuity is a particular kind of an annuity plan that has its own advantages and disadvantages. A structured settlement means "by the obligation of a payment that is deferred". This type of annuity results from the settlement of a personal injury lawsuit. Usually a structured settlement annuity buyer has to make his or her payments over a considerable time or over a period of several years. This kind of annuity plan varies from personal injury accidents and such other mishaps to product liability. It is the fundamental right for a citizen to receive the amount of compensation that he or she deserves if he or she is hurt for some other person. Therefore various insurance companies and agencies buy annuity plans. This plan would be valuable enough to pay a combination of principal and interest over a long period of time. This payment is even possible on the conditions of restrictions regarding the schedule of disbursement.
There are a number of structured settlement companies, however, that offer a number of flexible, individually tailored plans. This is a great leap for those who are structured settlement recipients in receiving a considerable amount of money for their future payments. In one word, a structured settlement helps one to meet today's needs, turning the future and distant payments into the money one needs today.
Structured Settlement Annuity Payments
Structured settlement cases have increased, and largely due to the maximum settlement awards in many lawsuits. When an individual has been the victim of an injury, directly related to the fault of a large company or corporation, the settlement deemed appropriate by the courts, is usually so large, the settlement is handled through annuity payments.
Annuity payments are divided into increments over a long period of time, sometimes over the lifetime of a claim recipient. The injured or affected parties in a settlement case usually have suffered over a long term rehabilitating process and the structured settlement annuity payments work well in providing timely access to funds needed by the injured party.
Often, in structured settlement cases, the initial annuity payments assist the injured parties to make current restitution with their accumulated medical bills, but as time goes on,the lost wages the injured party incurs, leaves a shortfall in ongoing daily expenses. Having to wait on the scheduled annuity payments becomes stressful and this actually affects the injured persons healing process in a negative manner. Adding stress or insult to injury prolongs the battle of recovery.
Once an injured party has suffered persistent stress and anxiety over their recovery time and financial concerns, they begin to reconsider if their installment payments are their best solution. They realize they do have options available to sell their structured settlement for a lump sum amount. There are companies and a few individuals willing to buy their annuity payments at a discount percentage of the total remaining value.
If a recipient of annuity payments is willing to accept a lesser total amount in a lump sum, in order to collect a final but larger immediate settlement, then the buyer of the note benefits from the entire remaining amount of the structured settlement.
Structured settlement annuity payments and who to contact if you are considering selling a structured settlement [http://wealthsmith.com/structured-settlement.htm] be sure to check our directory for the companies that are deemed highly capable of assisting you. It's important to compare offers for your settlement, you'll find a wide range of offer amounts. Be sure to ask any questions that concern you and the bids for your business.
Giving Options - Buyer Of Structured Settlement Annuity
When you end up being in a court case and having payment made to you because of it, you will probably be wondering when the payments will end. You obviously need the money or you would not have gone to court over an issue but what happens when the payments end? Wouldn't it be nice to have the payments all at once in one lump sum so that you are not always worrying about next month's bills and how they will be paid. It is possible that a lump sum payment could be better because you would be able to see all of your money at once and spend it according to your immediate and longer term needs. Of course, some prefer to keep their payments coming in on a monthly basis but this system does not work for all people. Many individuals would prefer to find a buyer of structured settlement annuity incomes.
In case you are curious how selling your settlement annuity works, you might like to know that you are not alone. Many people have no idea that they can sell their annuity incomes at a low costs as to receive their sum of money all at once. Many people do not even know that there are options within the selling market. There are sellers to offer certain types of services and rates for different amounts of annuities and settlements. Buyers may come in the forms of a large corporate company who does this as their business or in the form of a small business or even an individual lawyer type situation. Depending on the amount of paperwork, types of features and amount of money your settlement entails, you will want to choose the option most suited for your settlement annuity.
Now if this strikes you as an odd type of transaction, be assured that it is beneficial to everyone involved. As mentioned above, in the case of deaths and such incidents, many people need their annuity settlements sooner than later but with the plans they are on, payments may not come in at a quick enough rate thus creating problems for the already stressed out individual. This should not be so. That is why companies have gone to buying up settlement annuities for a certain price. This gives companies an extra way of doing business while still benefiting its customers in an enormous way. Customers will be pleased to have their lump sums delivered to their accounts with only a small percentage of the annuity taken out for servicing fees. Be sure to check out several different companies or individual buyers as you will likely get the best deal if you shop around rather than go with the first interested buyer.
So if you are looking to have your money all at once, be informed that there are options. You do not have to wonder and worry about your settlement payments and fret that you will not have enough money for next months bills. Get ahead of the game and sell your annuity to a buyer of structured settlement annuity.
Steps To Properly Purchase A Secondary Market Structured Settlement Annuity
Purchasing a secondary market structured settlement annuity is a fairly simple procedure. It is suggested that before initiating the purchase, the buyer consult with a financial planning advisor or investment planning advisor who is highly trained and experienced specifically in the field of secondary market structured settlement annuities. This will allow the purchaser to ask any questions he or she may have prior to entering into an agreement to purchase a settlement payment plan. It will also allow the financial or investment planning advisor to provide the purchaser with an appropriate settlement that will meet the purchaser's financial needs.
Once you have spoken with a financial or investment planning advisor and have decided that a secondary market structured settlement annuity is the right choice for you, your advisor can then assist you, if you so choose, in deciding the specifics of your annuity such as: How would you like to receive your payments? How long would you like the settlement to pay? There are numerous aspects to purchasing a secondary market structured settlement annuity that you can customize to suit your particular needs. These should be discussed extensively with your financial or investment planner.
Next, your advisor will search for a secondary market structured settlement that suits your particular needs. Once one is found, that particular settlement is reserved for you. Now that you have a structured settlement plan reserved for you, it is time to provide your buyer information. It is required that you submit information that identifies you as someone who is permitted by law to make such a purchase.
Once your information has been collected and submitted, it's time to execute an assignment agreement. This agreement will outline the terms of the transaction and payment(s) that you are purchasing. This agreement is required by law. You have 24 hours to execute the assignment agreement and return to us along with a $5,000 deposit per deal. You will then be notified of the court date for your transaction and the approval of the reassignment. Shortly after the approval, your transaction will be funded and closed. The entire reassignment process can take anywhere from 30-90 days to complete. Once your settlement has been reviewed and approved by the court and the transaction has been funded, a closing binder containing all of the documents relating to your transaction will be provided to you. It is now time for you to sit back and enjoy your payment(s). That's all there is to it!
Todd Lesk is the CEO of MJ Structured Settlement Annuities, Inc., a national industry leader in re-assigning structured settlements, lottery winnings and secondary market structured settlement income annuities to individual investors, pension funds and charitable institutions. Their clients are enjoying the security of a guaranteed income stream over pre-defined periods of time while also enjoying higher rates of return from annuities which are generally guaranteed by A to triple A-rated Insurance Companies by Standard and Poor's or the State Lottery Commission.
What Is A Structured Settlement Annuity?
You may ask yourself, what is a structured settlement annuity? A structured settlement annuity is also referred to as structured settlement payments which can occur as the result of legal action.
If you should happen to get into a wreck or be sued over another legal matter then you may have to be paid in a settlement that would have to occur over a period of time instead of one lump sum because you or the other party may not have all of the funds at one time.
Once you receive this kind of settlement you can find an insurance company which buys that annuity policy from another insurance company. These annuity payments may be changed for a lump sum instead of monthly payments. They often offer cash for structured settlements if you are more interested in receiving a lump sum.
Selling a structured settlement annuity can occur for a difference in reasons you may no longer want to receive monthly payments and just want all the money at once for a big cash purchase or down payment on a car or house.
There are is a lot of paperwork involved when trying to sell the settlement annuity. There must be a written guideline to follow as well as all of the disclosures must be agreed upon as well as the settled amount. Once these terms are agreed upon all of the parties involved such as the insurance company and the beneficiaries then this must be agreed or approved by a judge. Once the judge agrees or disagrees then the money can be paid out and it is yours to do whatever with.
There are several benefits by having a structured settlement annuity versus selling one. A big con is the extra monthly payment sometimes people can get accustomed to the monthly income coming in that once it stops they feel strapped or their budget gets tied down because they rely on the monthly check. A lot of people look into selling their annuity just to avoid this problem in the future.
If you would like to discover more about the structured settlement annuity you can get more at the website page. A significant amount of focus is put on settlements, such as cash for structured settlements and the like. Stop by today for further information.
How Does A Structured Settlement Annuity Work?
The process of arriving at a structured settlement is through negotiations concerning the value of the annuity and payment schedule. The process involves primarily a claimant and the life insurance company; if the structured settlement annuity is related to litigation, it will involve the defendant as well.
As per the process, the defendant agrees as per a contractual agreement to pay the claimant sums of money on a periodic basis and in exchange the claimant drops his litigation. The defendant directs a third party/assignee to execute the annuities on its behalf and provides it with funds necessary to do so. An annuity contract is purchased by the assignee and is used for fulfilling the periodic payment obligations.
Individuals who are in the process of obtaining a structured settlement annuity can avail the services of a broker who can help them with the best deal available with respect to their circumstances.
Structured settlements are popular because of the benefits that they offer. These include a tax-free payment stream over a period of time and a guarantee of payment. Other investment alternatives such as stocks and real estate may offer better returns but do not provide the guarantee and security offered by structured settlements. These settlements are regulated by state and federal laws that need to be observed. These laws may require compulsory legal opinion in a structured settlement transaction.
Structured settlement firms manage the paperwork of a structured settlement annuity. The documents include the Settlement Agreement and Release, court orders, assignment agreement, and the annuity contract. The defendant should ensure that he fulfills all conditions for the annuity to remain tax-free for the duration of the settlement. In order to protect the tax-free status of a structured settlement annuity, it is also important to ensure that once the structured settlement annuity has been agreed upon by the concerned parties, it should not be altered. The payments from a structured settlement can also be made to an estate, in such a case, they are free from income tax but estate tax is levied. The closing of a structured settlement can take three to six months. An individual starts receiving payments thirty to forty-five days after getting the court order.
Reasons For Selling Structured Settlement Annuity
When an emergency arises, people need to get money quickly. They don't have the time to wait for their annuity payments. Luckily there are various companies that will purchase your structured settlement annuity so you can have the cash when you need it the most.
There are various reasons why people decide on selling structured settlement annuities. Some do it voluntarily while others sell because they have no other choice. Whatever the reason is, having a buyer to turn to in time of need is a welcome option for anyone concerned.
Basically, to understand what a structured settlement is, it's simply a financial agreement where you're getting compensated from an insurance settlement or some other type of settlement. It will be paid using an annuity. The payments are made in regularly scheduled installments over a period of time instead of one bulk payout. However, a lot of people decide to sell their annuity payments because they don't want to have the restriction of waiting for each disbursement.
Some of the reasons for selling a structured settlement is because they need it for their children's education, a medical emergency or because they're starting a business.
There are different types of annuities that an individual is allowed to sell. In fact even medical malpractice settlement, personal injury settlement, product liability settlement, or from a wrongful death settlement can be sold. You can receive a lump sum cash for shared, partial, or even complete buyouts depending on the plan you choose.
Take note though that you should submit relevant documents for you to be able to sell your settlement annuity. These include the completed copy of the application, the annuity policy documents, the extended release or the settlement agreement, a recent copy of the annuity check or stub, your tax return, two identification cards (one must have a photo), marriage license if applicable, divorce decree if applicable, a copy if the Will and Probate document if applicable, and copies of any assignment, revisions, and other papers that are related to the structured settlement annuity.
Meeting these requirements is actually quite easy if you have all documents at hand. If you decide on a selling structured settlement annuity to an interested company, you should do some research on their rates because you may find another company that can buy your annuity at a higher rate.
But remember that most of all, you should be assured that the company you are dealing with is really reliable so that you can get the cash you need right away.
Top Three Things To Look For In A Structured Settlement Annuity
If you are about to sign a structured settlement annuity agreement then it is highly important that you first look for certain clauses and payment plans. This is necessary to rule out the possibility of suffering financial damages if the policy does not have ample safety clauses. This will also remove any chances of incurring losses if you want to sell the policy.
1. Value
A structured settlement annuity has a set value that is defined at the time of settling a personal injury lawsuit. This value is sometimes set by the judge deciding the case though in most cases it is the plaintiffs who do that after negotiating with the defendants. If a case has been settled out of court then it is always the mutual agreement that sets the value of an annuity. There are two types of annuities available in this case with the first one offering payments for a couple of years and the second one offering life-time payments. If you are in the process of negotiating a deal then it is important to set a value that corresponds to your life-long expenses on medical treatment. If the annuity is spread over a couple of years then you can ask for greater annuity payments to benefit from financial stability. On average, six figure payments are considered normal in case of serious and debilitating injuries.
2. Nature of payments
A structured settlement annuity comes with varying payment plans. Some annuities are payable every quarter while others will remain dry until a year has passed since the agreement was signed. You can negotiate a deal where an annuity payment arrives in your bank account at least once every quarter. This is necessary to fund medical treatments and other expenses incurred by the prolonged effects of your injuries. Some annuity payments also offer monthly payments though it comes with higher discount rates and other charges. Quarterly payments thus remain the most popular and manageable way of receiving injury compensation. If you have signed a life-long deal then yearly payments are generally preferred by the insurance company. This is also a lucrative deal as the payments will come as long as you are alive.
3. After sale value
It is common for a structured settlement annuity to be sold by the claimant. There are many reasons cited for this trend with financial need being the most common factor. Every annuity settlement plan comes with certain clauses that dictate these sales. Most jurisdictions do not have an income tax deduction on annuity payments but discount rates and other charges need to be taken care of. It is always recommended to select an annuity plan that comes with minimal deduction and additional charges. This will enable you to sell your plan at a higher rate and receiving as high as 95% of the total value of the agreement.
If you have taken care of these aspects then you will be able to sign a structured settlement annuity deal that offers you maximum benefits while paying little in discount rates, processing fees, and other charges.
Darren is a financial planner who specializes in assisting individuals and families with their current financial goals and retirement planning. Specializing in annuities but also REIT's, Darren is also familiar with life insurance planning. He enjoys writing articles on various aspects of financial planning and what you can do to protect your net worth. You can check out his latest articles on Sell Structured Insurance Settlement [http://sellstructuredinsurancesettlementtips.com] tips and how to negotiate a Structured Settlement Annuity [http://sellstructuredinsurancesettlementtips.com/top-five-questions-for-negotiating-a-structured-settlement-annuity] so you will know how to benefit the most for long term financial security.
A Structured Settlement Annuity: Comparatively Speaking
With that in mind, let's take a look how a structured settlement annuity compares with one of the most popular investment vehicles, the equity income mutual fund.
First, let's look at who issues the annuity and the mutual fund.
A structured settlement annuity is issued by a life insurance company. An equity mutual fund is issued by and investment company that pools the assets of multiple investors in equity securities.
Next, let's look at the long term capabilities of each to provide a lifetime income.
An annuity payment plan is created up front and is a predictable and dependable source of income that can not be outlived. A mutual fund can be a high paying investment. However it can also be highly volatile and unpredictable based on market conditions and can actually lose money and stop your earnings if the fund performs poorly.
What about guaranteeing the payouts?
An annuity is guaranteed by the issuer of the annuity based on the terms of the structured settlement. A mutual fund is solely dependent on market activity and thus can not be guaranteed.
What about costs?
The annuity has no cost associated with it. A mutual fund can be subject to a number of fees, like a sales load, yearly management fee, and marketing expenses. Even the lowest cost index funds have some costs associated with them.
What about keeping up with inflation?
A structured settlement annuity can have a cost of living adjustment incorporated into the annuity at the time it is designed. An equity mutual fund can outperform inflation based on how the underlying securities perform. However it is difficult to predict what the return will be and remember "past performance is not and indicator of future results."
But what about the dreaded T-word....Taxes??
A structured settlement annuity is tax free as long as the money received is the result of personal physical injury or physical illness. As income is earned from an equity mutual fund taxes, capital gains, income etc, must be paid.
What about flexibility?
A structured settlement annuity payment amount and schedule may not be altered at any time. Conversely, money can be moved in and out of mutual funds. However, taxes, sales loads etc may be applicable with each transaction.
Tax Advantages Of A Structured Settlement Annuity
If you have been awarded a large monetary settlement due to injury or malpractice, deciding how to invest or accept the funds can be a daunting task. Oftentimes, recipients will receive their court awarded funds in more than one way, but the use of a structured settlement annuity account offers several advantages when utilized in the transaction.
Structured Settlement Annuity Accounts Avoid Income Taxes
The most significant advantage an annuity account has over all other forms of settlement options is that future payments avoid income taxes. It is a common misconception when investing in an annuity that offers periodic payments, the insurance company only disperses the principal over time. This is incorrect.
In fact, structured annuities pay interest and principal to the insured each payment cycle. It does not matter how and when you receive payments, the interest generated by the internal return of the annuity is not considered taxable income by the I.R.S.
This is in stark contrast to any other means of receiving settlement dollars. Should you opt for a lump sum payment, no part of the lump sum would be taxable. However, when those same dollars are invested in a money market account, mutual fund, traditional deferred annuity, stock or bond account, then all gains would be subject to income and/or capital gains taxes.
This means that any other investment would need to create larger returns than a structured annuity to account for the loss due to income taxes. If both accounts were yielding 5%, you would have less take-home spending dollars with the lump sum investment due to the taxes owed to all levels of government.
Structured Settlement Annuities for Future Needs
Annuities are commonly used as part of a structured settlement not only to avoid income taxes, but also because they provide reliable income in the future. A serious problem with lump sum payouts is dissipation. Too often the recipient will aggressively spend through their court awarded damages in the first few years and be left with very little in the future when it may be needed most.
In other cases, poorly performing investments can quickly erode a lump sum settlement leaving less funds to generate income or to withdraw for living expenses. The stock market has witnessed precipitous loss of value twice over the last decade. Lump sum structured settlement awards, retirement accounts and discretionary investments alike can all lose significant value should the markets fall again.
In contrast, fixed annuity accounts are not subject to market fluctuations and will not decrease when the overall markets are declining. Additionally, the systematic payments will be credited on a regular and agreed upon basis helping to prevent the insured from spending their award too quickly.
In summary, a structured settlement annuity account is usually a wise choice for at least part of the funds received as a result of litigation. The annuity principal and interest payments now and in the future are not subject to income taxes. Annuities also help prevent dissipation either through poor investments and aggressive spending. Most importantly, annuity accounts have a strong track record of safety and security so you can rest assured that your payments will arrive each cycle when they are expected and needed.
A.M. Hyers has been working in the insurance and investment industry for over twelve years. He owns and operates Hyers and Associates, Inc. an independent insurance agency doing business across the U.S.
His agency offers insurance products to individuals, families, and businesses They use the leading national carriers to quote structured settlement and structured sale annuities.
His firm also offers traditional fixed, immediate, and indexed annuity accounts providing safe, reliable growth and income for those saving toward or enjoying retirement.
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