Any Canadians! question about AB insurance

[JamesMcM]

Ok I'm looking for fellow Canadians that were injured in a car accident and have dealt with insurance companies settlements. Specificallyb Pafco A high risk insurance company. So I'm looking to get a lump sum settlement shortly, structured settlements don't give enough interest not even close! Has anybody had success with a lump some settlement especially if it's with this company I'm sitting on about 2.6 remaining in total! Need to get this done and start earning interest of 8-10% ASAP.


Also has everyone in Canada heard that medical rehab, caregiving are going from $1 million to 500,000 for insurance settlements. As if getting injured isn't bad enough, you're really screwed if you get hurt with those numbers

[lynnifer]

I wasn't in an accident but my friend Sue was. Annuity with lump sum payments at first, at 30 and 50. Tax free!

And I worked myself sick ... lol

I will ask who she dealt with.

[JamesMcM]

Tax-free of course, but I'm looking to get the entire thing at onjce

[Tetracyclone]

One does well to find more than 2% interest on any bank acct or bonds these days. 3% for long term. Investments in the stock market have gained 10-12% over the last 4 years but that was a very unusual period, making lower returns more probable over the next 4 years.

We survive as long as we can in this world by facing the reality of it. Good luck.

[bruceofmaui]

I've been hurt 37 years and have had my structured settlement for 35 years. Insurance companies usually wait at least 2 years after injury to settle to see if you die or not. Over these years I've known quite a few folks with settlements and only the structured settlement folks have had longterm success. One person with lump sums set up wheelchair manufacturing company that flushed, one became the banker for her Dad's dream of opening up a black powder gun store which flushed, another partied it away plus plus plus. The folks I know who got structured settlements still have the money coming decades after the settlement date. Good luck to you especially if you are reaching to get 10%. One thing I didn't do when I got the settlement which I wish I had was the lump sum payments at 10 year increments.

[JamesMcM]

I'd like it all at once, I'm not the one making these numbers, investment group is saying with the diversified portfolio I can be making upwards of 8 to 10% from the combination of a variety of different sources.

[bruceofmaui]

Sounds good and good luck. I've been at this a while and those are good numbers although to be honest it has been a very nice run the last 5 years capital gains wise, but not income wise. You'll need to pull out of the portfolio a regular income to support your lifestyle. subtract upfront capital costs which won't make it to the portfolio. Go with a name brand out fit so you have proper support and protection. I had a full service brokerage for my first 20 years and it worked well. I was a 18 y/o C5/6 quad muddling through so running a tight ship wasn't my focus. Also it isn't necessarily all or nothing in regards to lump sum and annuity, mine probably was 80/20 annuity/lump. Bruce
PS I remember watching my business show last summer and the guest speaker was suggesting moving into high yield corporate bonds to satisfy the need for income. But what were these high yield corporates? 2 of the largest issuers of these corporate bonds were shale oil producers, high leverage/high growth. Fast forward a year and ouch. My oil stocks have been hurt but nothing like those bonds in the funds