It may seem impossible to assign value to a life lost. This is true; nothing will feel substantial enough to account for the immense grief after a wrongful death accident. However, there are certain factors that attorneys and insurance agencies use to come to a final settlement agreement. Let’s discuss how these settlement numbers are created and agreed upon.
Factors Used for Wrongful Death Compensation
First, wrongful death settlements seek to cover the economic costs of an accident. These are the costs that have a clear value or an out-of-pocket cost that directly results from the tragic event.
- Medical bills
- Funeral costs
- Lost income from the deceased
- Lost benefits from the deceased (i.e., healthcare coverage)
Additionally, you may seek compensation for pain and suffering or other emotional effects.
When continuing to figure out a value for the claim, the following factors may be considered:
- The age of the deceased: The families of younger victims tend to receive higher settlements, due to the decades of lost income.
- The deceased’s health: If at the time of their passing the deceased’s health was in poor condition, it could lead to a lower settlement.
- The deceased’s dependents: If the deceased has young children that they were financially supporting, this could increase the value of the settlement.
- Fault: If the deceased had any fault in the accident causing their death, this may be a factor. For example, a two-car collision where both parties were found partially at fault.
How Much Compensation Can I Expect for Wrongful Death?
As you can see from the numerous factors considered in each settlement, the potential compensation varies greatly. An average estimate for a wrongful death settlement can range from $500,000 to millions. However, the actual amount you receive could be much higher or lower based on the circumstances of your loved one’s passing and legal representation.
Columbia, SC Wrongful Death Attorney
Working with an attorney is the best way to maximize your potential settlement. If you are ready to begin filing a wrongful death claim after the loss of your family member, contact The Law Offices of Marion M. Moses, LLC. We know that this process is difficult, and our team is here to help you along the way.