Losing a loved one is a challenging experience, but it can be even more devastating if their death is caused by someone else’s negligence or intentional actions. In such cases, the victim’s family may be entitled to a wrongful death settlement to compensate for their loss. It will be helpful for the victim’s family to contact a wrongful death lawyer for compensation.
However, determining the value of a wrongful death settlement is a complex process that depends on several factors. These factors can include the deceased’s age, earning capacity, health, and the nature of the incident that caused their death.
Top factors affecting the value of a wrongful death settlement:
- Age of the deceased
The deceased’s age can be a critical factor in determining the value of a wrongful death settlement. Younger individuals with a long life expectancy and good health before the accident will generally have a higher settlement value than older individuals with pre-existing health conditions.
Additionally, suppose the deceased was the primary breadwinner for their family. In that case, their age can further impact the settlement value as it will consider the potential loss of future earnings and support.
- Earning capacity
When evaluating the claim, insurance companies may consider the deceased’s past income, potential future earnings, and career advancement opportunities. The settlement may be higher if the dead were the primary breadwinner or had an increased earning capacity. Conversely, the settlement may be lower if the deceased had limited earning potential. Other factors such as education, skills, and work experience may also be considered.
- Nature of the incident
The nature of the incident that caused the wrongful death can significantly impact the value of a settlement. For example, the settlement value may be higher if an intentional act or gross negligence caused the death.
On the other hand, if the death was caused by an accident or a natural disaster, the settlement value may be lower. Additionally, if the incident was captured on video or there were eyewitnesses, it may also impact the settlement value.
- Medical expenses
Medical expenses incurred due to the deceased’s injury or illness can significantly determine the value of a wrongful death settlement. These expenses can include hospitalization costs, surgery fees, medication expenses, and other related medical bills.
The insurance company and the court may consider the amount of medical expenses and the reasonableness of those expenses in determining the settlement value. In cases where the deceased requires ongoing medical care, the projected future medical expenses can also be considered in calculating the settlement amount.
