Every year, numerous people are forced out of work because of a longstanding disability. When this happens, obtaining disability insurance is an absolute must. In Philadelphia, acquiring a highly skilled Philadelphia disability insurance lawyer is the smartest first step toward getting benefits. However, many people do not realize what all of their options are after obtaining disability insurance.
A large percentage of people collecting disability benefits are not aware that they can always opt for a lump sum buyout. This can be a greatly beneficial decision, although, like anything else, it has its pros and cons. You absolutely must take your time in making such a life-changing choice.
One major reason you may want to choose a lump sum buyout is in case you want the ability to invest in your future. The ultimate determination comes down to your current financial situation and what you may be planning to do in the years to come. Many buyouts will end up getting you more money than you would have acquired through monthly payments, tax-free. On the other hand, some will get you less. This all bodes well for the unparalleled need to have a qualified attorney negotiating your buyout.
Investments are typically a great idea if you want to start a new business or invest in your children’s future. A lump sum buyout can help you pay your children’s college tuition fees or other investments that may seem to bring you substantial gains. Security and peace of mind is another reason you may want to think about a buyout. If you are in a situation where you’re concerned about your family’s security, a buyout might be the perfect option for you. Additionally, it might serve you to take a buyout because by doing so, you will no longer be subjected to the possibility of having your benefits cut-off, nor will you need to perpetually prove your disability.
While there are seemingly more good reasons than bad, there are a few things you may want to consider before accepting a buyout. If you or your family have a history of longevity, and your previous profession has a lifetime payout, it might be a better idea to stick with the monthly payments. The most apparent reason to keep with the payments is that of budgeting. It can be extremely tempting to use a large sum of money right away, and wastefulness is certainly a large reason to consider keeping your payments as well. Lastly, you might end up considering an offer that is worth far less than your policy. For these reasons, careful consideration and a knowledgeable attorney are crucial to making your decision.
At Edelstein, Martin & Nelson, our attorneys know all of the ins and outs to negotiating a beneficial lump-sum buyout. We pride ourselves on our devotion to getting you the best deal possible for you and your loved ones. If you are on disability and considering a buyout, call 800-300-0909 or 215-731-9900 to schedule a free consultation today.