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Settlement - Printable Version

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Settlement - redsoxfan - 04-26-2019

NYS-I have a quick question that my wife says I’m thinking to much into. My lawyer said the carriers lawyer has contacted them about a settlement which involves a lump sum and then a set amount each year for the rest of of my life. If I except this offer how can I be be sure 25 years from now I will still get the yearly settlement money? Obviously I know it’ll be a legally binding contract through the comp board but my lawyer will not be around in 20 years and what happens if the carriers insurance company goes out of business? It’s a small insurance company and anything is possible. Please tell me I’m wrong to think this way.


RE: Settlement - 1171 - 04-27-2019

(04-26-2019, 11:28 PM)redsoxfan Wrote: NYS-I have a quick question that my wife says I’m thinking to much into. My lawyer said the carriers lawyer has contacted them about a settlement which involves a lump sum and then a set amount each year for the rest of of my life. If I except this offer how can I be be sure 25 years from now I will still get the yearly settlement money? Obviously I know it’ll be a legally binding contract through the comp board but my lawyer will not be around in 20 years and what happens if the carriers insurance company goes out of business? It’s a small insurance company and anything is possible. Please tell me I’m wrong to think this way.

Worrying about whether you will need a comp lawyer in 20 years because they stopped your payments for an unknown reason is a bit extreme so I‘d side with your wife on that question.
All carriers are required to pay into a security fund that pays benefits in case of carrier bankruptcy:
https://www.nysenate.gov/legislation/laws/WKC/107


RE: Settlement - redsoxfan - 04-27-2019

Thank you 1171


RE: Settlement - 1171 - 04-27-2019

(04-27-2019, 04:06 PM)redsoxfan Wrote: Thank you 1171

You’re welcome. I hope it helps relieve some anxiety.
Be Well.


RE: Settlement - footballfan - 05-21-2019

Congrats...redsoxfan.