Whether you purchased a disability plan or were provided coverage by an employer-sponsored plan, now you need the coverage. Dealing with sudden or gradual disability is challenging, especially if the condition reduces or eliminates your ability to support your current standard of living.
Opportunities to settle your disability claim occur throughout the claims and payment process. Pivotal settlement points occur:
- Early on, when adjusting to disability and seeking fulfillment of your claim
- During litigation
- During the time you receive disability payments, the insurance company may, depending on assessment of your case, seek to conclude payment responsibilities to you through a lump sum payment
- You may initiate the process to settle a claim
- An insurance company may review settlement if they believe your condition has improved
The decision to take a lump sum payout, either through structured payments that terminate in time, or in one payment, is complicated. Factors that play into your decision include your age, expected medical condition, presence of other benefits plans or employer programs and your needs as you see them.
Once you accept a disability settlement, the responsibility of the insurance company terminates, regardless of whether your medical condition deteriorates and the settlement runs out. No insurance company easily pays policy limits, and disability insurance is no different.
You spent a lifetime building a career and security in New York. When dealing with a disability, work with experienced attorneys to help you navigate the complexities of your coverage.