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Should I Accept a Lump Sum Settlement for My Workers Comp Claim?

When you’re hurt in a work accident, you may have the option to take a lump sum settlement for your workers comp claim. A lump sum settlement means you may receive all the benefits for your claim at once. But is it the best option for your workers comp claim? 

If you’re seeking workers comp benefits and you’re unsure what options to pursue, Pathfinder Injury Law can guide you to success. We have the tools you need to recover workers comp benefits and make your claim a success. 

What’s the Difference Between a Lump Sum and Other Settlements? 

After a serious work injury, you may want to have all or part of your Virginia workers comp benefits in one lump sum. In these cases, you’ll receive all your benefits at one time, rather than receiving weekly payments for your injuries. Some workers may choose this option to personally manage their funds and have more control over their funds. 

To settle your claim in this way, your injuries must be permanent and stable. If you accept a lump sum settlement, you’ll receive all your benefits at once, but you may be ineligible for future benefits because your claim will be closed. 

Should I Accept a Lump Sum Settlement?

On-the-job injuries can be complex and difficult to judge. That traumatic head injury may feel fine now, but you may suffer health complications shortly hereafter. Because you may need future benefits, settling for a lump sum now may hurt your Virginia workers comp claim in the future. 

That’s where your lawyer can step in. They have the tools to determine what benefits you’re due based on the severity of your injuries. They can also defend your claim in a Virginia workers comp hearing if you’re struggling to get compensated fairly. A Virginia work comp lawyer can help those without the right tools for their claim recover from their losses. 

Connect with a Virginia Work Comp Lawyer

If you’ve been hurt on the job and you’re suffering, you have options when collecting your workers comp benefits. But should you accept a lump sum settlement for your workers comp claim? Your workers comp lawyer at Pathfinder Injury Law can help you find the best path to your recovery, starting with a free consultation. Talk to a lawyer by calling 804-505-0633 or by completing the online contact form below.

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