Disability Insurance can be the best way to deal with the risk of being too sick or hurt to work as an Attorney. You possess the ability to earn a nice income for the remainder of your working years as a direct “reward” for the investment that you made to get to where you are. Regardless of the specific statistical likelihood of becoming disabled, the fact is that it presents one of the largest threats to the long term financial well-being of an attorney.
We work with attorneys of all types to review options for implementing an income protection program that puts them in the best position to deal with the consequences of being unable to earn an income as an attorney.
If you own a small-mid size legal firm or if you are one of a few attorneys in a company, chances are that you do not have a group disability insurance policy. In this case, an individual disability insurance policy can be the best option.
If you are working for a large employer such as a state entity or a large private company, you likely have group disability insurance. Acquiring an individual disability insurance policy as the base to your income protection program can be a sound financial decision.
Over the last couple of decades, the disability insurance for attorneys marketplace has become so highly specialized that it has consolidated itself among relatively few companies that offer a competitive product. That makes choosing a top company to work with easier, but you still need to be able to navigate between them to determine which has the best policy available for your situation.
A disability could strike at any time – now, or 20 years from now – so it is important that your disability insurer have the financial strength and stability to weather the worst of economic storms. Companies rate ‘A=’ or better by A.M. Best demonstrate the greatest financial strength to withstand bad economic conditions.
You need a policy that will not only replace the income that you earn as an attorney. At a minimum you need an “own occupation” policy that will pay benefits in the event you are unable to perform the specific duties of your occupation. The devil is in the details of these definitions, so make sure it is the broadest definition available.
All of the top insurers offer policies that are guaranteed renewable and non-cancellable. But, again, the devil is in the details. Look for hidden conditions that might allow an insurer to raise your premium or cancel your policy. Also look for exclusions that might apply in your health situation.
Statistically, you are more likely to become partially disabled than totally disabled. Most of the top insurers offer a residual or partial disability benefit. For high earning engineers, a benefit payable on the dollar amount of lost income is better than a policy that pays based on a percentage of income loss.
Finally, it is advisable to work with a disability insurance specialist who is knowledgeable and who has access to most of the top-rated insurers that offer disability insurance for attorneys.
Take a moment to complete the quote request form for disability insurance for attorneys.