Commutation or Settlement of Existing Disability

Existing Disability

Many disabled individuals who are already receiving disability payments do not realize that they may have the option of receiving a commutation, or buy out settlement of their existing disability policy. This option can create a great benefit to the recipient of existing disability payments. Over our years of practice our attorneys at Edelstein, Martin, & Nelson have assisted many clients with the buyout of their policies.

Lump Sum Buyout Option

For those already receiving benefits, the question is: What happens if I am not here in 15 years? Like Social Security benefits, private and group disability benefits generally end at the death of the recipient or earlier. If the person lives a long time, the total could mean overall a larger amount. However, if the person lives for only a few months or even a few years, the sum total of payments would end up being very small.

A lump sum buyout of the policy may be the answer that gives the recipient much more flexibility. Our accounting and tax planning consultants assist us in helping our clients who are already receiving benefits to determine the best course of action. Take control of your own financial situation. If you are receiving payments for an existing disability, contact an experienced disability insurance lawyer at Edelstein, Martin, & Nelson, for a thorough review of your circumstances. Free initial consultation.

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