Because every asbestos exposure case is different, you should not expect to receive a preset sum of money following claim submission.
The sum of money you will receive for asbestos exposure will highly depend on factors such as the severity of your diagnosis and the number of asbestos trust funds and asbestos companies that are still in business your claim is filed with.
Accordingly, people who struggle with cancer as a consequence of asbestos exposure will receive the largest amount of compensation, as the people who are in charge of asbestos trust funds are aware that they are often in urgent need of money to afford better healthcare and treatment. As of 2023, the average settlement payout for mesothelioma is between $1 million and $1.4 million, as this is the most devastating disease asbestos exposure is responsible for. Victims of asbestos exposure who struggle with lung cancer will also receive a significant sum of money, but slightly less than those with mesothelioma.
These are the compensation estimates for each malignant disease caused by asbestos exposure:
If you suffer from a non-malignant disease as a consequence of asbestos exposure, such as asbestosis, pleural plaques, or diffuse pleural thickening, you will obtain a smaller amount of compensation. Nevertheless, if you are in this situation, we still encourage you to file a claim, as the money you can receive will still come in handy and will ease your financial situation if you have to invest a lot in your treatment.
However, if you have another disease than cancer, you will have to wait for a longer time than people with malignant diseases to receive your money, as their asbestos claims are prioritized due to the severity of their diagnosis. If you are a veteran, the VA will most likely provide you with financial compensation as well in the form of disability compensation after they assign you a disability rating.
Finally, another key factor that will impact your asbestos exposure claim and the compensation you can obtain is the percentage the asbestos trust fund is currently using. Depending on their financial resources, each asbestos trust fund pays out a certain percentage of the entire value of a claim, which ranges between 1% and 100%. The average percentage is approximately 25%. For example, if your claim is worth $500,000 and the percentage of the asbestos trust fund you file with is 35% at the moment, you will receive $175,000. There is currently $30 billion available in asbestos trust funds.
With over 35 years of experience in evaluating personal injury claims, the team of professionals at Atraxia Law is here to provide you with the assistance you need to find out whether you are eligible for compensation. If you are a victim of asbestos exposure, the only documents we will need from you are your employment or military records and your medical records, which we will carefully assess to determine if you qualify to file a claim.