You’ve spent a good amount of time, effort, and money to attain the level of success as an attorney you’ve dreamed of, and the last thing you’d want is to lose the financial security and standard of living that comes with your profession. Don’t make the mistake of assuming that, as a lawyer, you are immune to a disabling injury or accident at any time. The truth is that anyone in any field can become disabled in an instant, without warning. You owe it to yourself and your family to protect your income and future earnings with own occupation disability insurance for lawyers.
Do You Really Need Disability Insurance for Attorneys?
Did you know that many people who become disabled are still able to work, just in different fields or in a lesser capacity? Unfortunately, this scenario most often is accompanied by a lesser income, as well. This is why the best disability insurance for attorneys covers a broad range of circumstances – not just total and complete disabilities. In fact, it’s quite common for lawyers to suffer with disability-related income loss without ever actually being completely unable to work. Therefore, it’s so crucial that you opt for a policy with residual disability coverage that does not hinge on you losing time and duties before it pays out benefits.
Own-Occupation Disability Insurance Coverage
Should you become partially or totally disabled, your ability to earn income will be compromised. After putting so much into your career to build a profitable practice, no lawyer wants to start over in a new career because of a disability. This is where own occupation insurance plays a vital role in protecting your income. Avoid policies that only pay benefits if you become able to work in “any occupation”, and always make sure your policy will cover you if you are unable to work in your “own occupation”.
The Unlimited Recovery Rider
Many lawyers don’t think about what will happen with their income and benefits once they are able to resume their normal work activities in their field (if they are able to at some point). After having missed work for some time, you can expect it to take a while to rebuild your list of clients, during which you will not be able to generate much income right away. This is where a policy with an unlimited recovery rider comes into play. When your policy includes this rider, you will receive residual benefits after you resume working, until the time that your income recovers – up to a maximum time period specified in the policy.
The Self-Employed, the Partner, and Special Considerations
Many lawyers are self-employed, choosing to work in their own practices as opposed to a large firm or corporation. Although this career path is very rewarding, it also entails an increased element of risk. You must be sure that you also have a policy that is going to cover business overhead expenses, as well. If you are a partner in a firm, you may have group disability coverage, but in most situations, it isn’t going to be enough. There is likely to be a gap between what you really need and what the benefit plan offers. Be sure you have own occupation insurance for yourself to close that gap.
Selecting Lawyer Disability Insurance
With so many options and “what ifs” in the mix, it really is going to be in your best interest to do your due diligence and find coverage with all the riders, extras, and clauses that you need to really cover all your bases in the event you become partially or totally disabled. Take the time to pour over a wide variety of quotes and estimates, and be sure that you fully understand each proposal before choosing a policy.