Should I Accept A Lump Sum For My Case?
You and the insurance company can choose to agree to reach a lump-sum settlement instead of going to court. Although lump-sum figures may be tantalizing, it is important that you understand what accepting this offer could mean.
A lump sum could either benefit or hinder workers. Our experienced lawyer at Adler Firm, PLLC, can help you determine whether a lump-sum settlement may be right for you. While a workers’ compensation magistrate must confirm that a settlement serves your best interests, we can also inspect whether the settlement offer is fair to you given the circumstances.
Assessing The Advantages And Drawbacks Of A Lump Sum
A lump-sum settlement offers several benefits, including:
- Accepting a settlement can allow you to forego the hassle of court hearings.
- You may be able to access compensation much sooner than if you choose litigation.
- You will know exactly how much compensation you will receive in total.
- You may avoid further challenges with the insurance company to obtain payments over time.
Lump-sum settlements are not always ideal, however. Lump sums require you to set the entire amount of compensation right away, which means that you might miss the chance to extend benefits for any unforeseen complications related to your injury or illness.
Every situation is unique. Settling your claim through a lump sum might be more favorable than weekly benefits – or vice versa. Alternatively, it might be more favorable to take your claim to court or mediation. Our attorney can examine the details of your case and give you the information you need before reaching a final decision.
There Is No Substitute For Personalized Counsel
Although you can learn about workers’ compensation laws through your own research, many sources are unreliable or contain information that does not apply within Michigan. Therefore, it is vital to seek customized advice from a professional.
Call Adler Firm, PLLC, at 888-873-7173 or email Barry Adler to schedule a free consultation. Based in Traverse City and Farmington Hills, our trusted firm can help you determine whether a lump sum may be your best option.