Settling long-term disability claims is tricky business in Milwaukee, WI. Insurers make settlement offers to reduce their losses. Sometimes, they do it to get rid of the recurring payments long-term disability claims bring about. Other times, they do it to end a lawsuit whose verdict would cost them more.
Long-term disability settlements can be favorable for the claimant as well. When a skilled and experienced disability lawyer negotiates them, the benefits are considerable. We have made a list of the most important ones below.
Three Benefits of Settling Long-term Disability Claims in Milwaukee, WI
Here are the three main reasons why Milwaukee, WI residents settle long-term disability claims.
- Lump sum payment – Some need to adjust their home to their disability. Others need long-term recovery in specialized centers. Sometimes, claimants cannot wait for the money to go on a vacation and forget about their disability. There are also claimants who have acquired high debts they need to pay. Most find settling long-term disability claims preferable to dependence on the insurer
- Independence from the insurer – Most claimants hate depending on an insurance company. They turn to Milwaukee disability attorneys hoping to settle their claim once and for all. Whether they receive a lump sum or periodical payments, they like knowing their future is secure. They also like not having to deal with insurance agents.
- Financial security for their loved ones – When the beneficiary dies, their family remains unprotected. By settling long-term disability claims, they have a chance to secure their loved ones’ future. Many times, the disability lawyer handling their claim facilitates this process as well.
Of course, the benefits claimants enjoy often depend on the terms of the settlement. Since settlements are a point-of-no-return, it is best to let disability attorneys negotiate them. They will secure the best possible deal for their clients.
Why Hire a Milwaukee Disability Lawyer for Settling Long-Term Disability Claims
The process of settling a disability claim begins with the receipt of the settlement offer. It represents the amount the insurance company is willing to pay for the insured to give up any claims. This means the claimant needs to do their math and make sure the offer is worth accepting. They will have to take into account several factors:
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The Number of Due Disability Payments
Periodical payments the insurer would have to make.
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The Monthly Benefits
The amount the claimant receives each month as disability benefits.
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Interest and Value Over Time
Most insurers will deduct 5%/year from the claim value as interest. This percentage represents their loss for paying the insurance claim earlier.
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Settlement Terms
Some settlement offers include tricky terms. Examples include installment payments and various obligations for the claimant.
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Mortality and Morbidity Rate
Insurers also calculate the odds for the claimant to die. It makes sense, as the claimant’s demise would exempt them from some payments. Their calculations cover both accidental and disease-related death.
The insurer will use these variables to justify the reduced value of the offered settlement amount. Many claimants give in to their pressure and accept detrimental offers. However, the better alternative is to consult a disability lawyer and let them evaluate the claim.
Milwaukee disability attorneys understand that lump sum payments cannot match the overall claim value. However, they also know that insurance companies pursue their own interests. They protect their clients by evaluating their claims and negotiating favorable settlements.
When their clients receive a settlement offer, attorneys analyze it to the last detail. They deduct any losses the insurer may incur by settling, and they assess whether the offer is worth accepting. They reveal their findings to their clients and advise the latter accordingly. Obviously, their client is the one to decide whether to accept a claim or not. What matters is that they make informed decisions, thanks to their disability lawyer.
Tabak Law Disability Attorneys Help Settling Long-Term Disability Claims
Have you received an offer for settling your long-term disability claim? Let a Milwaukee disability lawyer review it. At Tabak Law, we know exactly how insurance companies calculate settlement offers. We also know how to negotiate with them in order to obtain the best deal for our clients.
Call our office at 844-432-0114 and schedule a free case review. One of our disability attorneys in Milwaukee will evaluate your claim. They will help you determine whether the settlement offer is worth accepting. With their help, making the best decision regarding your long-term disability claim will be easy.