Is my disability insurance company required to offer me a lump sum buyout of my disability policy?
Whether you have an individual disability insurance policy or an ERISA governed group disability policy, the disability insurance company’s only obligation is to pay you disability benefits on a monthly basis if you continue to satisfy the definition of disability. Some of the disability insurance companies have a business strategy of reducing their long term risk on a disability claim and will offer a lump sum buyout of a disability policy. Another reason that some companies will offer a disability policy buyout is that they want to reduce their insurance reserves.
If a disability company reduces their insurance reserves, then they have the ability to sell more disability coverage or other insurance products. We have also found that if a disability insurance company is publicly traded, they can reduce their financial liabilities and possibly make their annual financial performance look better to investors.
Not every disability company offers lump sum buyouts, but at least half of the largest disability insurance companies will offer a buyout for certain types of long term disability claims. Our disability attorneys have obtained and negotiated hundreds of buyouts for our clients. Contact us if you are considering a buyout of your policy or have received a buyout offer from your disability insurance company.
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Well Documented correspondence
They closed my claim and I have been without income since they closed it
Bad Faith
Denied by Hartford after 20 years of Payments
Standard insurance just dropped me with no communication with me.
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What a mess
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I was disabled 2003 by SS. I got SSDI 7 years too late.
Only care about $$$$$
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