According to the 2018 Annual Disability Statistics Compendium, about 2.7 million (13.4%) Florida residents are living with disabilities. When an employee or business owner becomes disabled and unable to work, the insurance company may approach you with a settlement offer to buy out your remaining future disability benefits.
HOW LONG DOES IT TAKE?
The lump sum is usually a single payment, but may also be disbursed in several installments. It can be offered at any stage of the claim because every claim is unique with varying sets of circumstances.
WHICH FACTORS PLAY A VITAL ROLE?
Your age and life expectancy, as well as your financial plans for the future, play crucial roles in whether you should accept the buyout.
HOW DO SETTLEMENTS VARY?
Every situation is different. Buyouts vary in terms of their taxable status, their present value, and how reasonable the offer is in general. It’s never a good idea to make these decisions on your own.