How Long Does It Take to Get Paid After a Wrongful Death Settlement?
Dealing with a wrongful death claim is never going to be easy due to the sensitivity of the topic matter. For most people, the sooner they can wrap up their wrongful death claim, the better, so it can be a big relief to finally reach a settlement. But agreeing to a settlement is not the same as receiving it. You might be feeling stuck if you have settled your wrongful death claim but have no idea about when you will actually see money coming from it.
How long does it take to get paid after a wrongful death settlement is reached? It depends on where you live, but you will usually see the first paycheck within the next 30 business days.
Why Does It Take a While to Get Paid?
Although it is not convenient to have a delay between your wrongful death settlement and its first payment, it usually is nothing to worry about. The insurance company will need to verify the agreement is legitimate, as well as the amount. Once that is done, there will probably be additional checks by both banks handling the transaction. As you might know from your own experiences with your bank, credit union, or financial institution, any step involving the bank can take longer than you might expect.
Again, you should not have to wait more than a month to receive a payment in most situations, though. States have laws that decide how long an insurance company can take to pay you. Your state might require a payment much sooner, like within 14 business days of the settlement, but it could also be a little longer. A few states like California allow insurers 40 days, for example.
Don’t forget about the differences between a structured settlement and a lump-sum settlement, too. If you agreed to a lump-sum settlement, then you should get one payment from the insurer and that will be the end of it. But if you agreed to a structured settlement, then you will probably receive one payment a month for the next few years, depending on the details of your specific case, of course.
What Do You Do If the Settlement Payment is Taking Too Long?
Has it been longer than 30 days and you still haven’t heard a word from the insurance company about your wrongful death settlement? Everything could be fine, but there might also be some new issue that you haven’t heard about yet. At this point, we recommend that you contact your wrongful death attorney again to see if they can provide some insight or counsel about the situation. They could tell you that the insurance company technically has longer to send the first check, or they might need to take further legal action to compel the insurer to pay you. In either situation, you will appreciate their experience and knowledge to get to the bottom of it.
Dunk Law Firm offers wrongful death case guidance and representation nationwide. If you are trying to reach a wrongful death settlement but are encountering interference or difficulties due to the liable party or the insurer, then we want to hear from you. Contact our firm at any time to arrange a free consultation.