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StressedCat
Posts: 1 Newbie
Hi and thanks for reading.
I wondered if any of the well-informed forum regulars reckon I could use a solicitor or a union lawyer to approach my insurers and ask for a lump sum settlement???
My situation is that I have been diagnosed with a severe mental health condition that means I have to take several types of medication, some of which impair my ability to do the job I am in.
I have been with my current employers for 17 years and had never had a day off sick until two and a half years ago.
However, I have been paid 70 per cent of my wages for the last two years by my employers' insurer because I am a member of my company's group permanent health insurance scheme.
It is a five-year limited-term PHI scheme which pays me £1600 a month to replace income and would pay me a £275,000 pension lump sum if I am still unable to do my old job after the five-year period is up.
However, my husband and I are really struggling both because of my illness and because of financial pressures.
So a decent sum just now would alleviate a lot of pressure even it is less than would be payable otherwise.
Has anyone done this? Would I approach my company or the insurers in the first instance? What would be a reasonable amount to ask for?
All suggestions and advice gratefully received.
Catherine
I wondered if any of the well-informed forum regulars reckon I could use a solicitor or a union lawyer to approach my insurers and ask for a lump sum settlement???
My situation is that I have been diagnosed with a severe mental health condition that means I have to take several types of medication, some of which impair my ability to do the job I am in.
I have been with my current employers for 17 years and had never had a day off sick until two and a half years ago.
However, I have been paid 70 per cent of my wages for the last two years by my employers' insurer because I am a member of my company's group permanent health insurance scheme.
It is a five-year limited-term PHI scheme which pays me £1600 a month to replace income and would pay me a £275,000 pension lump sum if I am still unable to do my old job after the five-year period is up.
However, my husband and I are really struggling both because of my illness and because of financial pressures.
So a decent sum just now would alleviate a lot of pressure even it is less than would be payable otherwise.
Has anyone done this? Would I approach my company or the insurers in the first instance? What would be a reasonable amount to ask for?
All suggestions and advice gratefully received.
Catherine
0
Comments
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I wondered if any of the well-informed forum regulars reckon I could use a solicitor or a union lawyer to approach my insurers and ask for a lump sum settlement???
Why would you want to pay someone to put in a request?
Many insurers will consider a lump sum. It can depend on the condition and estimated payout period. When they offer it, it is typically a much reduced figure. i.e .75% of the monthly payments.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They'd have to be satisfied that you would be certain to be claiming for the full five years and you need to take into account they are paying your employer and your employer is deducting tax and NI as it is effectively continuing your salary.
I have heard of insurers doing this, but that was on an individual policy, rather than a Group scheme.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You are simply putting a request forward, there is no need to involve a solicitor.0
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