Michigan Disability Buyout Lawyers
Michigan Disability Buyout Lawyer: Negotiate the Best Buyout with Michigan Settlement Attorney
Securing a disability buyout in Michigan is just the same as in any other state. It all depends on your insurance company and the circumstances of your claim. Not all insurance companies offer disability buyouts and whether your claim is ripe for a buyout will depend on your unique circumstances. Whether a buyout is a good option will depend on a number of circumstances and it is not always a good idea to settle your claim with your insurance company, even if they extend an offer to you.
An honest lawyer will never encourage you to accept a buyout settlement if it is not in your best interests and if the insurance company’s offer is not reasonable. You should never accept an insurance company’s first offer without first speaking with an experienced attorney.
What Is a Buyout?
A buyout is usually a single lump sum payment of all future benefits in lieu of receiving your monthly disability payment from your insurance company. Sometimes the lump sum payout is offered in a few installments but typically it is a single payment. When you take a “buyout” the insurance company will be buying out your policy and you will be surrendering all rights you currently have under the policy, including the right to continue receiving benefits for the life of the claim. This means you will not be able to file a new claim even if you suffer a future disability from a separate non-related medical issue.
There are pros and cons to a buyout but you should never accept an offer from your insurance company or even reach out to your insurance company to request a settlement alone without first speaking with experienced professionals.
The Disability Buyout Process
A buyout can come as an unsolicited surprise from your insurance company usually after being on claim for years. Only certain insurance companies will offer buyouts and some insurers tend to make more reasonable offers than others. Sometimes settlement offers come in the form of a threat to terminate your benefits if you do not accept the settlement offer.
Often, if the right criteria are met, you can approach your insurance company to request a buyout, but it has to be done at the right time.
Should I Hire a Local Attorney?
Attorney Victor Peña is a Disability Insurance Lawyer and assists claimants with buyouts throughout the State of Michigan. It doesn’t matter where you are in Michigan, we can evaluate your claim and help you determine your best options.
Victor Peña Law PLLC focuses exclusively on assisting private disability claimants to obtain and negotiate buyouts with their insurance companies. This focus allows us to deliver the best and most effective service when compared to other disability law firms who offer multiple services. We operate using an online legal services model. Therefore, most of our interactions will be telephonic, video conference, email, and through our online client portal.
Can Victor Peña Law Help Me with Other Disability Issues?
Victor Peña Law PLLC has extensive experience handling private disability applications, denials, appeals, lawsuits and buyouts.
At times, it is necessary to handle claims at different stages of the process given the overlap of issues when seeking a buyout. Even if your claim is not ripe for a buyout, Victor Peña Law PLLC has a network of competent attorneys for everyone’s disability insurance needs no matter where you are located in Michigan. Feel free to submit an online request with information about your disability claim and the services you need.
Disability Buyout Resources in Michigan:
To assist with advising our clients in the best way possible we have a growing network of relevant professionals in Michigan. This includes local CPAs, financial advisors and other relevant professionals. Below are links with lists of financial professionals and CPAs in Michigan. The professionals listed at the links below have not all been approved by Victor Peña Law PLLC. We provide our clients with specific referrals to local CPAs and financial advisors if necessary when advising our clients and negotiating buyouts with the insurance companies.
Financial Professionals in Michigan:
Accountants in Michigan:
If you are interested in approaching your disability insurance company about settling your ongoing claim or you have an open offer from your insurance company, contact Victor Peña Law PLLC for a free consultation or submit your information to receive a call the same day.