Filing a long term disability claim can be a very challenging time in a person’s life. When a long term disability insurance company accepts a claim, they typically offer the individual a settlement. This is meant to resolve any potential disputes over the issue of money between the two parties with the promise of payment.
However, it is crucial for a person to not just accept the settlement for quick cash. Even though the payment would help receive some financial burdens, it is important for an individual to ensure this is the amount they deserve. An experienced attorney can be beneficial during this time to help recover the correct financial settlement an individual is entitled to.
When long term insurance companies settle, they sometimes offer individuals a lump-sum settlement. This is when an insurance company pays the entire long term disability benefit at once with one check. This is done in place of payments done at regular increments over time.
Even when an individual is receiving monthly disability benefits, it is still possible that an insurance company will find a reason to terminate their claim even though it is valid. Living with this uncertainty can become stressful for a person. This is why there are several things to consider before accepting a lump-sum settlement. This can include the value of the benefits, the individual’s life expectancy, taxes, a cost of living adjustment, and ending their relationship with the insurance company.
When a person is facing a settlement, it is crucial to have a skilled attorney at their side with experience in these negotiations. An attorney can represent the individual for either monthly payments or lump-sum settlement payments. There is no risk in negotiations, as the individual has the opportunity to either accept or deny the insurance company’s offer.
Long term disability benefits are very important to have in the event that a person is not able to work again. Negotiations should get to the bottom of the true value of the individual’s policy and ensure they are getting the coverage they deserve. This allows them to live at a comfortable pace as their medical bills, lost wages, and other financial burdens associated with the disability can be covered.
Contact our Firm
Our firm has significant experience helping people just like you retain or defend their Long Term Disability Benefits. Contact Walker & Hern for a free consultation.