Attorney Representation for Unum Long Term Disability Buyouts

On a weekly basis, our law firm handles Unum lump sum disability buyouts and settlements, working with one of the largest disability insurance companies in the market. Over the past twenty years, our disability lawyers have negotiated over 1,000 Unum lump sum settlements and we know how to get you the highest value possible for your buyout offer. We offer a free immediate review of your claim to determine if a Unum buyout makes sense for you.

Understanding the Buyout Process

The buyout process for a lump sum settlement typically begins with a thorough review of your disability insurance claim and medical records. Unum’s goal is to determine the present value of your future monthly benefits and make an offer that is in their best interest. As a claimant, it’s essential to understand the buyout process and the factors that affect the amount of the offer.

Unum is one of the largest long-term disability insurance companies in the world. It has a reputation as an unfair insurance company and as the oldest disability insurer it has sold millions of insurance policies.

Navigating this process can be complex, which is why having a long term disability insurance lawyer by your side is invaluable. They will meticulously review your medical records, assess the strengths and weaknesses of your disability claim, and negotiate with Unum to secure the best possible offer. Understanding the intricacies of the buyout process ensures that you are well-prepared and can make informed decisions about your financial future.

How Do We Help Claimants Get A Unum Lump Sum Settlement?

There are a couple of different ways in which we’ve been involved in helping people receive a lump sum buyout from UNUM. In most cases, we approach our contacts at UNUM to discuss whether or not UNUM is interested in engaging in a buyout of your LTD claim.

Our lawyers have specific contacts at Unum that only handle the buyout of a Unum long term disability policy. In some rare situations, UNUM will reach out to a disability claimant and offer them some sort of buyout. You are not required to accept any settlement offer from Unum. If you decline Unum’s offer, Unum may invoke their policy rights to conduct further evaluations.

Never accept a Unum settlement offer without speaking with a lawyer first. There is a possibility that your offer is either too low or calculated incorrectly. There are numerous factors involved in the calculation of a Unum buyout offer, such as mortality rating, interest rates, your current age, the language in your policy(s), your medical conditions, and the actuarial guidelines used by Unum. 

Our clients get the benefit of the working relationship we have established with Unum in order to get reasonable buyout offers.

Factors Affecting the Buyout Amount

Several factors can influence the amount of a lump sum payment offer. Understanding these factors can help you gauge whether the offer is fair and in your best interest:

• Life Expectancy: Unum will consider your life expectancy to determine the present value of your future monthly benefits. A longer life expectancy typically means a higher buyout offer.
• Medical Records: The severity of your disability and the likelihood of future medical expenses are critical. Comprehensive and up-to-date records can significantly impact the settlement amount.
• Disability Insurance Policy: The specific terms of your disability insurance policy, including the amount of monthly benefits you are eligible for, play a crucial role in the buyout calculation.
• Interest Rates: Current interest rates are factored in to determine the present value of your future monthly benefits. Higher interest rates can reduce the lump sum amount.
• Discount Rates: Unum may apply discount rates to account for the time value of money, which can affect the final settlement offer.

A disability insurance lawyer can help you understand how these factors will impact your Unum buyout settlement offer. They will ensure that all relevant aspects are considered and that you receive a fair and equitable settlement.

What Happens When You Settle a Long-Term Disability Claim With UNUM?

Settling a claim means foregoing your right to any unpaid long-term disability benefits that UNUM might owe you as well as any possible future payments. In exchange for a lump-sum payment, you’ll give up your right to any unpaid LTD benefits that UNUM might owe you, both now and in the future.

You may be anxious to settle your claim, but it’s important to remember that you could potentially be giving up a lot: UNUM must pay your monthly disability benefits while you remain disabled unless you reach retirement age or unless you die, depending on your disability policy terms. If you have robust disability insurance benefits, that could be a significant amount of money. Insurance companies typically offer a percentage of the present value as a lump sum buyout.

Should You Accept a Unum Disability Lump Sum Payment Offer?

While a large sum of money at one time paid by Unum may seem good at first glance, it may not be necessarily so. Unum is known for its history of offering low initial settlement offers.

In the realm of disability insurance, lump sum buyouts can be beneficial, but they aren’t ideal for everyone. Once you accept an LTD lump-sum buyout offer, the decision is irreversible—you can’t approach the insurance company for additional funds later. Your decision should be based on your personal interests and goals regarding the use of the money. Opting for a lump sum buyout might restrict your ability to reinstate monthly disability benefits, and there could be significant tax consequences if the benefits are taxable.

When we get contacted to handle a lump sum buyout, we discuss the strengths and weaknesses of your disability claim and what your options would be if not on disability with Unum. We get into difficult discussions about your mortality, which are very difficult issues to talk over, because most of these disability policies don’t have survivorship benefits or don’t pay a death benefit beyond maybe two or three months of payments.

The other issue is, what would you do with the money in terms of getting a lump sum versus continuing to get a stream of payments over time, if you think you’re going to continue to get paid?

A lot of people like to have a buyout, because they like the certainty of not having to depend on Unum to make a payment every month. Is Unum going to keep paying? Will Unum delay payment down the road?

Other people like the financial security of having the money right away and being able to invest the money on their own. Some people have an immediate need for cash, and can’t afford to keep waiting every month for their check to arrive. A lump sum buyout can provide immediate cash for urgent financial needs.

More importantly, is that if you retain our disability insurance law firm to work on your behalf on a lump sum buyout with UNUM or any other company, we’re going to do whatever it takes to get you the most amount of money possible. We’re going to be able to advise if you are getting top-dollar value offers for your disability policy. And that’s what we’ve done for hundreds of people with UNUM disability policies all over the country.

Speak With Our Disability Insurance Lawyers Today

We always offer a free consultation. We welcome you to contact us at your convenience to discuss your disability claim. We will need to see a copy of your disability policy. That’s very important, so that we can talk about the pros and cons of your policy, and let you know if we think a lump sum buyout is in your best interest. We look forward to the opportunity to speak with you, and thank you again for considering our law firm.