The insurance companies may use their highly communicative employees to sell their products who tend to be friendly and empathetic. However, when it comes to paying the policyholders, these companies are known to shock them with the lowest possible premium. In such cases, a nationwide long term disability claims lawyer can come to their rescue and help them get what they deserve. Every policy comes with certain terms and conditions and a lawyer goes through them before making any decision.
Settling the amount against your claim’s worth
The insurance company may offer you a lump sum amount to settle your LTD claim. It is a one-time payment made against the claim filed by you. When the insurer finds out that the claimant does not have a reason to agree to the lump sum amount, the company believes that it will be a financial gain because it does not have to make payments for several years, as mentioned in the policy.
In such a scenario, the company may reduce the benefits and does not pay what was offered to you at the time of buying the product. Lump-sum settlement is not suitable for everyone and is based on many factors such as your requirements and medical condition.
How to respond to low amount offers?
The disabled person and his family may be filled with anger to get such offers from the insurance company. The good news is they can hire an attorney who can review their case and even respond and interact with the insurance company on their behalf.
Agreeing to the lump sum amount from the insurance company can be the biggest decision of your life. Contacting an attorney can save you from many hassles and financial crunches. That’s why, you should not take any decision without advice from an expert.
Negotiation plays an important part
It is highly recommended to negotiate with the insurance company to increase the value of the settlement. You should decline the first offer made by them because they will always start from the low. To do so effectively, you should ask an attorney, who will review the documents along with your medical reports. Depending on these facts, he can estimate the right value and negotiate with these companies on your behalf. You should never settle for less.
If your attorney believes that it is time to move ahead and file a lawsuit, you should consider doing so to get the maximum benefits.