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MetLife has had a long-standing buyout program in their individual disability policy division but has been offering buyouts on their group long term disability (LTD) claims only since 2016.
If you are currently receiving long-term disability benefits you may be contacted by the disability insurance company and offered a buyout, or you may want to reach out to them and explore this option. A lump-sum buyout is a one-time payment to settle the disability claim.
Subsequent to 2016 we have already helped several Met Life group long term disability claimants with a buy out their long term disability claim. MetLife is not required to offer a buyout and a claimant must meet a strict criteria on a case by case basis in order to be eligible.
If you are receiving long-term disability (LTD) benefits from an insurance company like New York Life Group Benefit Solutions (formerly Cigna), Lincoln, Reliance Standard, Prudential, and the Hartford, it may offer to buy you out of your disability insurance policy.
However, there are instances where an employee who is already receiving LTD benefits may subsequently win their SSDI case. In such situations, MetLife may consider offering a buyout to the claimant, providing an alternative to continuing to pay LTD benefits.
A long-term disability buyout is similar to a personal injury or workers’ compensation settlement. The insurer evaluates your claim and decides what they would be willing to pay if they could resolve it now instead of later.
A lump-sum buyout refers to a settlement offer by your long-term disability insurer to buy out your remaining future disability benefits. Accepting a buyout offer would effectively mean that you are taken off the books and no longer have any claim against the insurer for disability payments.
If you decide to accept the lump-sum payment, you will no longer be able to receive monthly benefits for your long-term disability and your coverage under the long-term disability policy will end. There are pros and cons to taking a lump-sum payment.
When short-term disability (STD) insurance isn’t enough, long-term disability insurance may be able to provide coverage depending on the disability and how long it may affect your life. Read on to learn how long-term disability insurance works, what it can cover, and how you can purchase a policy.
Long term disability insurance through your employer can provide a steady stream of income to help cover essential expenses during an extended illness or after a disabling accident.