VIDEO: Is A Long Term Disability Buyout Settlement A Good Idea For You?
Watch this video as Long Term Disability Insurance Attorney John V. Tucker explains lump sum buyouts in Disability Insurance claims and gives you information to decide if a lump sum settlement is right for you.
When you are approved for Long Term Disability (LTD) benefits, you receive a monthly payment. Sometimes, the LTD Insurance company will offer a buyout to end your claim. This video explains what a lump sum buyout is. It helps you understand how buyouts are calculated, including an explanation of what “present value” is – a key concept in understand LTD lump sum settlements.
This video also helps you consider several factors which will play into whether you want to take a buyout offer, including:
- What percentage of the total benefits is being offered?
- How risky is staying on claim?
- How much are you willing to deal with the disability insurance company in the future?
- Do you have a plan for the money if you settle?
You want an attorney that will work with you to come up with an individualized solution. Beware of firms that just want to settle your claim. Often, that is not the best decision for you, and it may only be in the lawyer’s best interest.
You want a disability attorney that gives you the pros and cons of settling. Generally, you will have to give something up if you decide to settle. You need an attorney that will honestly answer your questions to help you understand what you are giving up and what you are getting.
If you want to talk about a buyout of your Long Term Disability claim, contact Disability Insurance & ERISA Attorney John V. Tucker online or call us toll free nationwide at (866) 282-5260.