Written by Jovan Johnson, Esq., Structured Settlement & Annuity Specialist
Industry-Reviewed by Kevin Lowe, COO of Genex Capital, Structured Settlement Secondary Market Specialist
Updated July 31, 2026
If you’re receiving structured settlement payments in Illinois and need cash now, you can sell some or all of your remaining payments — but Illinois’s Structured Settlement Protection Act requires a circuit court judge to approve the sale first, and unlike many states, Illinois generally requires you to show up to your own hearing. Here’s what selling a structured settlement actually involves in Illinois, step by step.
Can I Sell My Structured Settlement in Illinois?
Yes, you can sell an Illinois structured settlement, in full or in part. Illinois law (215 ILCS 153/1 et seq., the Structured Settlement Protection Act) requires: a written disclosure statement at least 10 days before you sign anything, an application filed in circuit court, at least 20 days’ notice before your hearing, and a judge’s finding that the sale is in your best interest. Most sales close in roughly 45–60 days from signed agreement to funded payment.
See What Your Payments Could Be Worth
Every offer is different, and the only way to know what your specific payments are worth is to get an actual quote — not a generic estimate.
We work with attorneys and partners experienced in Illinois structured settlement transfers to help sellers throughout Chicago, Aurora, Naperville, Joliet, Rockford, and the rest of the state. You’ll get a real quote based on your actual payment schedule, an explanation of the required disclosures before you sign anything, and guidance through the Illinois circuit court approval process from people who handle these filings regularly. There’s no fee to get a quote, and requesting one doesn’t commit you to selling.
→ Request your free Illinois structured settlement quote
What Is a Structured Settlement?
A structured settlement is a set of tax-free payments made on a regular schedule following a lawsuit settlement, typically funded through an annuity issued by an insurance company. Common sources include personal injury, medical malpractice, and wrongful death cases.
Note: our funding partner does not currently purchase payment rights arising from workers’ compensation settlements.
If you’d rather sell a different kind of payment stream, see our page on selling life-contingent payments, the general overview of selling a structured settlement, or how to get a quote.
How to Sell a Structured Settlement in Illinois (Step by Step)
1. Get quotes from more than one factoring company
Industry-wide, discount rates on structured settlement purchases commonly run 9%–18%. Sellers who work with AnnuityFreedom.net’s network have accessed rates as low as 8% in qualifying cases — worth asking about when you compare quotes.
2. Receive your written disclosure statement — at least 10 days before signing
Under 215 ILCS 153/10, the buyer must give you a disclosure statement, in bold type no smaller than 14 points, at least ten days before you sign a transfer agreement. It has to show the amounts and due dates of the payments being transferred, the discounted present value, and every fee being deducted.
3. Sign the transfer agreement
Once you’re satisfied with the offer and disclosures, you sign the agreement — but the sale isn’t final yet. Illinois requires the buyer to advise you in writing to seek independent professional advice about the transfer; you can either get that advice or knowingly waive it in writing (215 ILCS 153/15(2)).
4. Your case is filed in circuit court
Under 215 ILCS 153/25, no transfer is valid without circuit court approval. The petition is filed in your home county’s circuit court — whether you’re in Chicago (Cook County), Aurora, Naperville, Joliet, Rockford, or anywhere else in Illinois, the same rule applies.
5. Interested parties get at least 20 days’ notice before the hearing
215 ILCS 153/25(c) requires the buyer to file and serve notice of the proposed transfer on all interested parties at least twenty days before the scheduled hearing, and those parties have at least 5 days before the hearing to file written responses.
6. You’ll generally need to appear at the hearing in person
This is a real difference from most states: under 215 ILCS 153/25(c), you’re required to appear in person at the hearing unless the court finds good cause to excuse you. Many other states don’t require the payee to personally attend, so if you’re used to reading about structured settlement sales generally, don’t assume you can skip this step in Illinois.
7. A judge reviews the sale at a court hearing
The judge must find that the transfer is in your best interest before approving it, taking into account your financial situation, the terms of the sale, and your reasons for selling.
8. Funding — typically 45–60 days after you sign
Once the judge signs the approval order, the buyer funds your lump sum.
A Real Driver of Large Illinois Settlements: No Caps on Malpractice Damages
Illinois is one of the states with no statutory cap on non-economic damages (pain and suffering, disfigurement) in medical malpractice cases. The Illinois Supreme Court struck down a legislative cap as unconstitutional in Lebron v. Gottlieb Memorial Hospital (2010), following a similar 1997 ruling in Best v. Taylor Machine Works. Because Illinois juries — particularly in Cook County — retain full discretion over these awards, the state continues to produce some of the larger medical malpractice verdicts and settlements in the country, which is one reason structured settlements are common here.
If Something Goes Wrong: Illinois’s Consumer Protection Resources
- Illinois Department of Insurance (IDOI) — handles complaints involving insurance companies and annuity issuers. File online at idoi.illinois.gov/consumers/file-a-complaint.html, or call the Consumer Assistance Hotline at 866-445-5364.
Illinois Structured Settlement FAQ
How long does it take to sell a structured settlement in Illinois?
Typically 45–60 days, covering the 10-day disclosure period, the 20-day court notice period, and the hearing itself.
How much money will I get for my structured settlement?
It depends on the discount rate applied. Industry-wide, that’s commonly 9%–18%, though sellers who qualify through AnnuityFreedom.net’s network have accessed rates as low as 8% — plus how many payments you’re selling and how far in the future they’re scheduled.
Can I sell only part of my structured settlement?
Yes — Illinois law allows partial transfers, so you can sell a portion of your payments and keep the rest on the original schedule.
Do I have to show up in court to sell in Illinois?
Generally yes — Illinois requires you to appear in person at the hearing unless the court excuses you for good cause, which is a stricter rule than many other states.
Do I need my own lawyer to sell?
No — Illinois requires that you be advised in writing of your right to independent professional advice, but you can knowingly waive that right in writing if you choose not to use one.
Ready to Get a Real Number?
Now that you know how the process works, the next step is seeing what it means for your specific payments. Get a free, no-obligation quote and walk through the Illinois court process with people who handle these filings regularly.
Sources
- 215 ILCS 153/ (Illinois Structured Settlement Protection Act)
- 215 ILCS 153/25 — procedure for approval of transfers, in-person hearing requirement
- 215 ILCS 153/15 — approval conditions, waivable IPA
- Illinois Department of Insurance consumer complaint portal — idoi.illinois.gov/consumers/file-a-complaint.html
About the Author: Jovan Johnson, Esq. is a structured settlement & annuity specialist with 12 years of experience, based in California. He has also practiced as an attorney in consumer and small business bankruptcy and debt settlement. Annuity Freedom has been helping clients sell annuity payments since 2017.
About the Reviewer: Kevin Lowe is the Chief Operating Officer of Genex Capital and has more than a decade of experience in specialty finance and the structured settlement secondary market. Since joining Genex in 2013, he has overseen transaction management, investor relations, compliance, and strategic initiatives across the United States, working closely with annuitants, investors, legal professionals, and financial institutions.
Disclaimer: This article is for informational purposes only and isn’t a substitute for independent professional advice.