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Victor Peña

What is a Morbidity Rating?

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.
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Victor Peña

Understanding Disability Buyouts

According to data from the U.S Census Bureau, over 19 million American adults of working age have disabilities that limit or prevent them from working. In the event that an employee or business owner becomes unable to work due to an accident, injury, or illness, disability insurance provides financial assistance to replace some of their lost income. At some point during your claim, however, your insurance provider may approach you with a lump-sum buyout offer.
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Victor Peña

Top 10 Reasons Why Your Long-Term Disability (LTD) Company May Refuse to Do An LTD Buyout

The National Association of Insurance Commissioners (NAIC) creates rules to be followed by insurance companies for “statutory reserving.” Such rules provide minimum reserves that a company must hold for claims that have been reported or incurred. The 1987 Commissioners Group Disability Table (CGDT) provides specific guidance for the valuation of group LTD claim reserves although the specifics of calculations should be left to experienced actuaries.
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Victor Peña

Do I Have to Pay Back My Long-Term Disability Benefits?

There are several reasons why you may be asked by your Long-Term Disability (LTD) company to pay them back the benefits they already paid you. The request is usually as a result of an overpayment claimed by the insurer. The overpayment can be due to your recent receipt of deductible income from a source considered offsetable under your policy. The overpayment can also result from a miscalculation due a mistake by you or your disability insurance company.
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Victor Peña

Structured Settlements

A buyout is a one-time lump sum payout from your disability insurance company in lieu of paying ongoing monthly long-term disability (LTD) benefits. The payout is usually a single lump sum payment although sometimes it can be disbursed in several installments.
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