Cigna / long term disability

[Babebahn]

Has anyone received a letter from CIGNA stating they want to "buy-out" your Long term disability benefit contract with a lump sum?
Just wondering because I got a letter from them and that's what they want for me to do. Apparently, they said that I have only 12 more years left on my LTD so they want to buy it out based on the "current value"...meaning the recessional market price. What must they be smoking?

[1171]

you never know when someone needs cash; to some it may be worth more now then later.
I suspect a dollar now might buy more then a dollar 12 years from now.
For all anyone knows the stimulus and all the spending could lead to hyper-inflation.
a dollar is not always worth a dollar.

[Bad Boy Bad Boy]

Other than a monthly percentage of your pre-injury income, are there any other benefits they offer you?

Now, if you only get a monthly check, for insurance of lost income, and a buy-out does take place, you would need for it to say payments are made for all the following years (Example) 2009 to 2021. This would be needed to show Social Security, and also at Income Tax time.

Placing the money in an Anuity Fund, might benefit you also.

Washington Mutural-Chase Banks are even offering a higher Interest on a few of their Savings Accounts now also.

Something to think about with all these Companies going Belly up lately. Like is your LTD really in a safe position for the years to come.

Can you place the money in a place, where you know you do have it, when you need it, when you want it, and you can control how it works better for you?

In my opinion only, this is something I would give some Deep Hard Thought about.

I like my money, where I know it's safe, making interest, growing, and if needed, I can get at it quickly.

My next thought; And it is something I think about all the time when it comes to money I can get monthly. Is what if something happens, how will my family get their hands on this money? Will the LTD send them the Buy-Out?

Just some thoughts is all. Give it a little thinking time. Up-date me too...

China Merchants Bank Co Ltd acquires Cigna & CMC Life Insurance Co from CIGNA Corp (pending)March 2008 Posted...

[Babebahn]

Thank you gentlemen for you postings. What CIGNA is offering is less than half of what the remainder of the contract would be. I have forward all the info to my work comp atty and haven't heard back yet...remember when I settled I gave him extra monies for a retainer should anything come up...(don't blow a gasket 1171,LOL)
I have had to pay back CIGNA thousands of dollars before for their errors and had the insurance commissioner go to them to correct things...I just don't know what is going on with this company!
BAD...CIGNA isn't offering anything else but cash and sign away any future stuff. I only get an annuity from work comp and a monthly check from SS.

[Babebahn]

Well here's an update...Cigna must really want me to fill out the Lump sum buy out papers because they called twce while I was out. I called the gentleman back and left my cell phone number, I guess he will call me on Monday or Tuesday...Geez...