lump sum settlement?

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  #1  
Old 09-15-09, 10:46 PM
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Join Date: Aug 2005
Location: New England
Posts: 245
lump sum settlement?

Hi,
is anyone familiar with what % or $ amt one would be looking at when negotiating with an employer insurance co. after being on LTD for a NON work related injury? Would still have about 20yrs to go before 65yo when policy would time out. It is a "fixed" income for next 20yrs so it seems reasonable to me to "settle" though they aren't pushing it since I am working p/t now. (which I see is in their interest) I also see the benefit for me to keep it as I keep the benefit of being cov'd for any future "disability" that could happen> but if the settlement were big enough- I could invest it well or buy a policy independently and continue to work p/t saving $ which will go up with inflation.
Any experience? I asked re: my using an Atty and they said their margin of $ offered isn't influenced much by use of a lawyer (which I'm not sure I believe?)
tx, spikedog!
 
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  #2  
Old 11-08-09, 07:36 AM
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Join Date: Oct 2009
Location: Pennsylvania
Posts: 105
I don't understand what you are trying to ask.

Why would a employers insurance company pay for a non work related injury?

The answer to the other part of your question would be NO - it would not be in your best interest to settle for a lump sum settlement.

Money is just one small part of the settlement. Insurance costs are a larger amount. Even if they gave you $100,000 and told you that you were on your own and no longer had any insurance.

Within 5 to 10 years, your symptoms might get worse and you will be forced to pay out of your own pocket for future health and medical expenses. You will quickly burn through the $100,000 and be left with nothing to show for a lifetime of pain and suffering.

If your injuries are real, they are not going to magically stop hurting when you are 65, nor do they only hurt 8 hours per a day - like your paycheck would reflect when you get a check every two weeks for your lost wages.

My lawyer conned me into taking a lump sum settlement and my condition got worse and how I have no insurance and no money and no way to go back on the insurance companies that were liable.

As I get older, no one wants to hire me and I am forced to do odd jobs and other things to make enough money to even be able to afford FOOD and a place to live.

Don't put yourself in my situation. Stay on the comp as long as you can and get as much money as you can and never sign off on your medical benefits.
 
  #3  
Old 11-08-09, 10:26 AM
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Join Date: Mar 2005
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I'd have to agree with CH. The only reason an insurance company would opt for a cash settlement is because they figure it will save them money!
 
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