Unum Long Term Disability Buyout & Settlement Lawyers
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 lawyers have negotiated over 1,000 Unum long term settlement agreements 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.
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 team has 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 our lawyers 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 settlement 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.
Why Choose Us?
Our team specialises in negotiating Unum buyout settlements, boasting decades of experience and a proven track record. We are determined to secure the maximum possible value for your buyout offer. We provide compassionate and personalised legal representation, specifically designed to address your individual needs and circumstances. We offer a free consultation to assess your situation and advise whether a buyout aligns with your financial objectives. Additionally, with no upfront fees, you only pay if we successfully win your case. Our established relationships with Unum allow us to efficiently navigate the buyout process, ensuring that all pertinent factors are considered in your settlement offer.
Unum Long Term Buyout Success Stories
Dealing with Unum can be a nightmare, especially when claims get delayed, denied or undervalued. Our team has years of experience overturning denials and negotiating fair buyouts for people who needed Unum attorney representation with their disability insurance claim.
Here are just a few examples of how we’ve helped clients:
- Unum settles with Florida chiropractor with back condition Our firm settled a case against Unum for a Florida chiropractor who was denied long-term disability.
- Unum settles with OB-GYN with disabling medical condition We settled a Unum individual disability policy claim for an OB-GYN whose claim was denied despite clear evidence of her condition.
- Buyout for drywall contractor with chronic pain after Unum denial Our attorneys negotiated a buyout of long-term disability policy for a drywall contractor with chronic pain after Unum denial.
- Unum settles with real estate agent after appeal After filing a strong appeal with Unum, our team secured a lump-sum settlement for a real estate agent whose claim had been denied despite debilitating medical issues.
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. We will meticulously review your medical documentation, 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.
Factors Affecting the Buyout Amount
Several factors can influence the amount of a 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 benefits. A longer life expectancy typically means a higher offer.
- Medical Situation: 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 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 amount of the payment.
- Discount Rates: Unum may apply discount rates to account for the time value of money, which can affect the final offer.
Our disability insurance lawyers can help you understand how these factors will impact your Unum settlement offer. They will ensure that all relevant aspects are considered and that you receive a fair and equitable settlement.
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 buyout offers.
In the realm of disability insurance, 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 buyout might restrict your ability to reinstate 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 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.
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 one time 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 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 one-time buyout.
Speak With One of Our 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 Unum 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. Contact us today to schedule your free consultation.
Answers to Common Questions
We know negotiating a buyout with Unum can be complicated and overwhelming. That’s why we’ve answered common questions about Unum lump-sum settlements. These resources provide valuable insights and tips to help you better understand your rights and what to expect throughout the process..
You should check out our YouTube channel where we have over 900 videos and weekly tips on disability insurance issues, including buyouts. Reach out if you have any questions
Should I take Unum’s disability claims settlement?
Accepting a Unum disability claims settlement involves weighing immediate financial relief against long-term considerations. A lump sum payment can offer quick access to funds, eliminating reliance on monthly benefits that might be delayed or adjusted. However, it’s crucial to ensure the offer accurately reflects the present value of future benefits, considering life expectancy, medical conditions, and policy terms. Consider tax implications and potential effects on other benefits like SSDI.
How to negotiate an Unum lump sum settlement?
Negotiating a settlement with Unum involves evaluating your disability status, medical records, and your policy terms to determine the value of future benefits. Understanding Unum’s aim to reduce liabilities through buyouts is crucial. Consider your financial goals and needs, weighing the benefits of a lump sum against ongoing benefits. Open communication with Unum and documenting interactions can lead to a favourable outcome, ensuring the settlement aligns with your financial objectives.
What is the process for a Unum buyout?
The process typically involves several essential steps:
- Initiation: Either Unum may propose a buyout, or the claimant can begin the process by requesting a settlement.
- Medical Review: Unum will evaluate the claimant’s medical situation to assess the severity of the disability and any recovery prospects.
- Financial Assessment: The claimant’s financial situation will be examined to understand the implications of ongoing payments versus a lump sum.
- Documentation Submission: The claimant might need to provide updated medical documents, a physician’s statement, and other pertinent information about their health and treatment plans.
- Calculation of Offer: Based on the review, Unum will calculate the buyout amount, factoring in the present value of future benefits and considering elements like life expectancy and interest rates.
- Presentation of Offer: Unum will present the lump sum offer to the claimant, who can choose to accept or decline it.
Why does Unum want to settle my LTD claim?
Unum frequently aims to settle LTD claims to reduce its long-term financial obligations. By proposing a lump sum payment, the company can finalize the claim, thereby avoiding ongoing payouts that could eventually total a significantly larger sum. This strategy also helps in cutting administrative expenses and mitigating the risk of future legal challenges related to the claim. Since settlements are generally beneficial for Unum’s financial interests, it is essential for claimants to thoroughly evaluate any offers presented to them.
How do I know Unum’s settlement offer is fair?
Assessing the fairness of Unum’s settlement offer necessitates a comprehensive evaluation of the elements that impact the lump sum calculation. It’s crucial to determine if the offer accurately represents the present value of your future benefits by considering factors such as life expectancy, interest rates, policy terms, and medical records. Consulting with a legal or financial expert can ensure that the offer is thoroughly evaluated, empowering you to make a well-informed decision.
What happens if I refuse to settle with Unum?
If you choose not to settle with Unum, you maintain the right to continue receiving monthly disability benefits as outlined in your policy. However, Unum might decide to carry out additional evaluations of your claim, potentially re-evaluating your disability status or requesting further evidence to support ongoing payments. It’s crucial to be ready for these scenarios and to understand your entitlements under the policy.
How does Unum determine a buyout offer amount?
Unum determines a settlement amount by evaluating multiple factors:
- Medical Condition: The seriousness of the claimant’s medical condition, the likelihood of recovery, and ongoing healthcare needs are crucial considerations.
- Life Expectancy: A longer life expectancy often leads to a higher buyout offer, as future benefits need to be distributed over an extended period.
- Interest Rates: Current interest rates are utilized to determine the present value of future payments, with higher rates potentially lowering the lump sum offer.
- Economic Factors: Unum evaluates inflation and mortality/morbidity assumptions, which assess the probability of death or health issues that could reduce the claimant’s need for benefits.
- Policy Terms: The specific details of the disability policy, such as the monthly benefit amount, duration, and any cost-of-living adjustments, play a significant role in the offer calculation.
- Claimant’s Age and Duration of Disability: Older claimants or those with longer-lasting disabilities may receive a higher settlement due to the extended nature of the payments.
When is the best time to ask Unum for a settlement?
Consider requesting a settlement from Unum if a one-time payout aligns better with your immediate and long-term financial needs. This approach is particularly beneficial if you have urgent financial requirements, such as paying off significant debts, funding a major purchase, or covering unexpected medical expenses. Additionally, if you are concerned about the consistency and reliability of monthly payments due to potential claim denial or policy changes, a lump sum can provide financial stability. Furthermore, if you have investment opportunities that could yield higher returns than the present value of your benefits, opting for a settlement could be a wise decision. It’s important to carefully assess your financial goals and consult with a disability insurance lawyer to determine if requesting a settlement is in your best interest.
