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Life Insurance For Lawyers

Lawyers play a crucial role in society. Helping to resolve disputes and protecting both assets and freedoms, it is often surprising to see how few lawyers take on the task of protecting themselves comprehensively when it comes to illness or injury.

Get expert life insurance advice for lawyers with Curo Financial Services. Our team understands how lawyers are meticulous with details and the risks associated with working in the legal profession. Contact us to explore your insurance coverage options.

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    Understanding the Risks: What do the lawyers need to consider?

    The mental and physical stresses associated with longer working hours come with the territory as far as the legal profession is concerned. Despite being a highly rewarding career, there are many different risk factors that can prevent you from being able to carry on working in the manner you presently do, placing strain on your family and finances. 

    As a lawyer, you may face these common risks:

    Being diagnosed with a critical or terminal illness

    The high level of stress and longer working hours for each case you handle can take a toll on your health. According to studies, stress is a major cause of critical and terminal illnesses in our age, which can disable you from working.

    Mental health conditions that can cause disability

    Working in a legal profession requires you to be highly organised and mentally focused. In addition to this, you are shouldering the stress and angst of your clients, which can be a great burden. However, burnout from work and a high level of stress can cause depression and anxiety, leading to your inability to work.

    Untimely death

    For every individual, the risk of untimely death, whether through an accident or terminal illness–is always present. If you are the breadwinner of the family, this can mean a loss of income.

    What are the available types of Life Insurance for Lawyers?

    In Australia, there are different types of life insurance, with each type being able to help lawyers in different ways. Understanding their coverage and benefits will help you find the right coverage for you.

    Life Insurance for Lawyers (death cover)

    This pays a lump sum to you or your beneficiaries in case of premature death or diagnosis of terminal illness. The payout amount can be used to pay for medical bills, fund for kids’ education, or maintain your family’s lifestyle.

    Find out more about life insurance here.

    Total and Permanent Disability (TPD) Insurance for Lawyers

    If you are permanently disabled due to severe illness or injury, this policy will provide you with a lump sum amount. This is typically defined as you being unlikely to ever return to work again.  This type of benefit can be used to pay your medical bills, your medical home upgrades, pay down debt, and contribute to your living expenses.

    Take note: There are different definitions for TPD insurance depending on your insurer. “Own” occupation means not being able to perform duties that are the same as your current work.

    “Any” occupation refers to being unable to work in an occupation that is related to your profession, training, or experience.

    Find out more about TPD insurance here.

    Income Protection for Lawyers

    This policy can provide up to 70% of your pre-disability income when you are unable to work due to severe illness or accident.

    Find out more about Income Protection here.

    Trauma Insurance for Lawyers

    Also known as critical illness insurance. This policy pays a lump sum when you suffer a major trauma, such as cancer, heart attack, stroke, or any mental illness.

    Find out more about Trauma Insurance here.

    And if you are practicing your legal profession privately, you can also benefit from these business insurances for lawyers:

    Key Person Insurance – Also known as Keyman Insurance, this policy protects a business from the financial uncertainty that arises from a key staff memberpassing away or becoming totally and permanently disabled. 

    Buy/Sell Insurance – Ideal for companies with multiple shareholders that value the need for a defined succession plan. Typically supporting a shareholders agreement, buy/sell insurance is simply an amount of life and disability insurance that will be affected on all relevant partners. The payouts that result from these policies will be used to purchase the business from the disabled/deceased partner.

    Business Expense Insurance  – For sole-traders or those in a small partnership. Business expenses insurance pays a monthly benefit to you to cover the costs of the business’s fixed costs.

    Assessing your current financial situation and existing insurance can help you decide on which type of life insurance policy to obtain. However, working with an expert insurance advisor lets you make sure that you are not underinsured.

    Interested in learning more? Talk to an expert!

    Talk To An Expert

    Customise Your Life Insurance with Curo

    At Curo Financial Services, our team of expert insurance advisors has decades of experience working with hundreds of clients, including lawyers.

    The difference in working with Curo is that we understand the complexities and the factors to consider when planning for life insurance for lawyers. This allowed us to customise our life insurance advice to address your financial risks with just the right amount of coverage.

    Whether you need life insurance advice or if you need help with your life insurance claims, we are glad to assist you. Send us a message, and one of our advisors will get in touch with you.

     

    Frequently asked questions

    Are lawyers considered high risk for life insurance?

    Typically, lawyers are not considered to be high risk by insurance providers. However, there are financial risks that can harm your personal finances if not mitigated. Untimely death, severe accidents, or illness can put your career and family in jeopardy.

    Do lawyers have to pay more to get life insurance?

    Not at all. The cost of getting life insurance for lawyers in Australia will depend on the lawyer’s age, medical health history, and amount of insurance coverage.

    Are the life insurance policies for lawyers customisable?

    For individual life insurance, lawyers can customise their policies to address their needs, which work within their budget, and have the right amount of coverage.

    Can a lawyer get life insurance in Australia?

    Definitely, yes. Lawyers are also exposed to life and financial risks that can derail their careers and finances. Lawyers are in the perfect position to take out life insurance in order to protect their family’s financial future and their career.

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    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.