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Lump Sum Buyouts Archives

Disability Insurance Policy Lump Sum Buyouts

A disability insurance policy lump sum buyout is where an insurance company pays an individual an agreed upon lump sum amount of money to fully "buyout" the life of an individual's disability insurance policy and claim. In other words, in exchange for a one-time check for a lump sum amount of money, an individual agrees to return his or her disability insurance policy to the insurance company and release all rights under the policy. After a buyout settlement is negotiated, the individual has no more rights against the insurance company under their disability insurance policy - it is almost as if it never existed. The individual no longer has a disability claim, and no longer receives a disability benefit check on an ongoing basis, but the individual also no longer has an obligation to prove their disability to the insurance company for future payments under the policy. Instead the one-time payment by the insurance company, which is generally only a percentage of the value of the claim after being discounted to present value, is the full and final payment of any future benefits under the disability insurance policy which is now null and void.

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