If you suddenly find yourself with a medical condition that prevents you from being able to do your job, you may be eligible for long-term disability (LTD) insurance benefits. LTD insurance policies can be purchased individually or may be provided by your employer to pay a portion of your income if you become disabled. While LTD benefits often last until retirement age, the involved insurance company may offer a settlement as an alternative.
There are several factors you must consider before accepting or rejecting such an offer. Our team of compassionate LTD attorneys at The Sasser Law Firm has decades of experience with long-term disability settlements in Charlotte and can provide you with advice on the best way to move forward. Contact us today to schedule your initial consultation.
The purpose of long-term disability insurance is to provide coverage for an employee’s living expenses if they are hurt or become sick and are unable to continue working in the same capacity as a result. Some of the most common medical conditions that qualify for this benefit include cancer, chronic pain, and certain cognitive disorders.
Typically, LTD comes in the form of monthly payments at a portion of the employee’s regular income. Most plans are somewhere between 60 and 80 percent of a worker’s salary. Sometimes, however, the insurance company will offer a lump-sum settlement to LTD workers. This may happen if an employee’s medical condition is expected to be permanent or last for an extended period of time, or if it is in the insurer’s business interests to provide payment all at once to save money in the future.
Settlement offers may also occur after a claim is denied and then appealed. If you have been offered an LTD settlement or received a claim denial, contact our Charlotte attorneys for help ensuring you are awarded the payment you deserve.
When given an offer, it is important to consult a Charlotte attorney to discuss whether settling your LTD benefits claim is in your best interests. Naturally, there are pros and cons, and many of these factors change depending on the circumstances of your case.
If the insurance company denies your claim, accepting a lump-sum offer avoids the need to go through further proceedings or provide continued proof of disability. You can receive money upfront instead of through incremental payments, allowing you to control and invest the funds for future growth. Unfortunately, settlement amounts are often less than the total value of the underlying claim.
Accepting an offer also effectively ends your relationship with the insurer, preventing you from having to worry about periodic reviews of your condition or continuing to provide updated documentation to the company.
During an initial consultation, a knowledgeable lawyer from The Sasser Law Firm can help you evaluate your options and determine whether to accept a long-term disability settlement offer.
Long-term disability claim settlements in Charlotte can happen at any time. If you have received an offer, reach out to discuss it with a lawyer at The Sasser Law Firm.
Our attorneys have been helping people with their disability benefit claims for over 30 years, and we are here to provide comprehensive support to you and your family. Contact us today to speak with a member of our team.
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