I don't like the lump sum payout.
Not everyone is financially savvy. It's great that the opportunity for someone to go and seek some professional help with regard to financing is available. Unfortunately, one of my peers Jody Mitic—I'm sure everyone knows about him. He's been on the news. One of his issues was that he consulted someone, got some advice to invest his money into the market, and a huge chunk of that disappeared, all because his plan, what he thought was supposed to happen, didn't come through.
Unfortunately, having a huge lump sum of money, yes, it makes you feel good right in the beginning, but do you know what? It won't last, especially if you invest it into a market that is as unsure as it has been over the last five years. This is just my opinion, but I would be happy with a year's salary up front. I think it would be best. That helps pay out any of the things that you might have to deal with at the time for the first year. For example, I had to pay out of pocket, with my own money that I got for my elbow and my leg—$70,000—to do all my home renovations. That had to come out of my pocket first.
Here's your award, but now you have to pay for everything. Yes, you get reimbursed for it, but it took eight or nine months to get everything back, when all that money could have been invested somewhere or turned into a tax-free savings fund, or put into your registered disability savings fund, or maybe you can buy into another house so you can start building your equity to make sure you get the best return. Again, not everyone is that savvy, right?
Having that one-year salary sum paid out to you would be ideal. Then having more payments every month down the road I think is the best option. This allows for you to have some money to feel comfortable with in the beginning, but also ensures that later on down the road you're always going to be able to pay your bills.