Disability insurance buyouts are an attractive option for many people receiving Long-Term Disability (LTD) benefits. Whether you should take that option will depend on many factors, including which insurance company administers your policy.
The DI Lawyer’s network of disability insurance buyout attorneys and financial and tax professionals help claimants decide whether to accept a buyout and work to negotiate those deals on the best possible terms for our clients. The DI Lawyer has significant experience dealing with each of the major insurance companies and settlement facilitators, including CIGNA, Lucens Group, Hartford, Lincoln Financial, Mutual of Omaha, MetLife, Prudential, SunLife, The Standard, Trustmark, Principal, and UNUM.
Whether your disability policy is with CIGNA, Hartford, MetLife or UNUM, the period of time you will receive LTD insurance benefits depends not only on the specific terms of your policy but the strength of your medical records, support from your doctors and in many cases, simply how long the insurance company decides they want to pay you. These and other insurance providers frequently offer one-time, lump-sum buyouts if the proper criteria is met. Often, claimants finds themselves in a position where they prefer to take a one-time payout and are nervous about how to approach their insurance company.
Some insurance companies make these offers in the months leading up to major changes in your policy hoping to capitalize on your inexperience. If you don’t accept the buyout, it could sometimes be difficult to remain eligible for monthly benefits. It is essential to understand the policy requirements fully – and any upcoming changes – before deciding whether to accept or reject a buyout offer.
Our lawyers guide people through the process of considering a buyout offer. That includes thoroughly reviewing the policy and gauging its value on an individual, personal financial basis. The DI Lawyer negotiates directly with insurance companies on the client’s behalf.