Cigna driving me nuts!

[Babebahn]

I need to vent! Cigna called again this morning asking me to take the lump sum buy-out. I told them no because they are only giving me HALF of what the 12 years would be...he said I should take it because I and the rest of America needs money now and I could use it to buy off bills (which I don't have) buy myself something (don't need anything)...then he said that the current market value of the monies is for Cigna to give me HALF of what is left...I said, "I really don't think you would allow your own mother to take Half of her insurance policy, you are taking advantage of diabled people." He said, We are helping disabled people by giving them money to spend to help the economy." I told him NO and he said he would call back in 2 weeks to send the check...I said, "Don't bother cause I'm not signing."
Thanks for telling me vent...this guys was a jerk! I know I did the right thing. I'm not that desperate to take half of what I'm entitled to.

[Manley2]

Good for you. They bank on people needing money now and taking allot less then they are owed. Sad but most of the time that is were most people are at, needing cash now.

[jayne]

there is a discount to getting a lump sum but I dont believe its half if he doesnt leave you alone call his boss..please record what he says to you while you cant use it in court but it will keep a record for you...and maybe a law suit on harrassment...do you have a lawyer?...Talk to your honey and decide what you would consider for a but out....say they will pay you out 100 dollars in 12 years and he wants to give you 50 and close out..... give him a counter offer...tell him you will settle for 90 percent...he just may take it and you could invest it yourself.....I dont know what your payout is or what you could buy for it but you could maybe buy a small house and rent it out for steady income........this is a decision that is very personal........ he believes he has you between a rock and a hard spot....let him know you are willing to deal but you are not desperate.....

[Babebahn]

Jayne this guy just wanted me to walk away with "their" offer only. I tried to get him to get closer to the what the 12 yr figure would be and he said No that they are going with "today's market value" It's kind of insulting that he would think anyone would just walk away with half even if they needed the monies. I will wait the 2 weeks out again and try again to get closer to the 12 yr figure...if not, I will continue to get the monthly check they are giving me until 2012!

[ace25]

This is not uncommon. They will never pay you the 12 yr figure in advance. If they pay anything early it will be discounted to "present value". If they make an early payout, the theory is that if you invested that early payout you would earn essentially the same amount over time. While there are generally formulas used to determine that, there is nothing to say that the figure someone offers is not negotiable.

There is no doubt that insurors will try to take advantage of the current economic situation to make less desirable offers and get cases off their books. That is a business decision.

The key thing to remember is, you control the outcome. You accept or you don't. Even if they sent a check, nothing will force you to endorse it and use it.