There are new Disability Insurance options for Attorneys, that do not have disability insurance offered by their law firm. Also, several attorneys work for themselves and are not able to purchase disability insurance under “group” guidelines. One of the largest carriers in the country, that has an A+ rating has a new disability insurance program, specifically designed for attorneys that are self employed.
Disability Insurance for Attorneys Offers Valuable Protection
Practicing law can be a rewarding profession in a number of ways. If you work as an attorney or manage your own practice, you have the potential to earn a great living. Whether you are helping individuals or small business owners you are offering to protect and serve your clients. As an attorney you constantly test your own skills and knowledge in the real world of business and life.
Of course, attorneys are subject to accidents and health issues just like any other professional, which is why disability insurance for attorneys is so important. You’ve worked hard to get where you are today, and it would be a shame to let an illness or accident set you back and decimate your savings and put you out of business.
Disability insurance for attorneys is coverage that will replace your monthly income when any type of accident or sickness takes you away from your clients for a period of time. No one plans on anything like that happening to themselves, no one plans on having an accident or extended sickness take them out of the game. Even a relatively minor accident could leave you with an injury or lead to a sickness that makes it difficult or impossible to practice law for a few weeks or months or God forbid, for the rest of your life.
What will you do for income during that time? If you aren’t covered by any kind of disability insurance policy, you will likely be on your own.
It all boils down to this…
You only have three options to choose from when the unexpected accident or illness happens, and your payroll deposit stops:
- You can deplete your savings and retirement accounts
- You have a wealthy family member that will pay bills for you
- You planned ahead and have a disability insurance policy in place that delivers monthly, tax-free cash to your bank account, until you are ready to go back to work
As long as you are relatively healthy you still have options. By simply picking a disability insurance policy that is affordable, you can take some of the risk out of your financial future. Should some issue come up that prevents you from working, you’ll have a backup source of income to keep your bills paid and your financial life on track. This will allow you to focus completely on recovering and getting back to work, rather than having to stress about how each of your bills is going to be paid month by month. Contact Disability Insurance Coach right away to learn more!
Reaching for the Prize
As an attorney, you are likely focused on the here and now in most cases. Rather than thinking about the big picture, you are thinking about how to win your current case, or how to best represent your clients. Practicing law is a highly stressful vocation, and it is one which requires significant education and training to perform at a high level. You’ve certainly worked very hard to reach your current position, and you are proud of what you’ve done. With the right disability insurance for attorney’s policy behind you, you’ll go a long way toward securing your financial stability moving forward.
Be sure to understand the difference between insurance riders that were designed for professionals such as the Own Occupation Rider, it make the difference between working as an attorney or being forced to work as a clerk at your local Walmart.
It is easy to get lost in the day to day responsibilities of your job while forgetting about things outside of the office. In fact, it is easy to take for granted the ability to report to the office each morning for work. You get into the habit of working week after week, month after month, for years. And as you work, the paychecks continue to roll in. It’s a comfortable cycle, and it’s probably been going on for a long period of time.
But have you thought about what will happen if that rhythm is disrupted? Or what you will do if you can’t come into the office, and you stop getting paid? This may not be something you have thought about much, or at all, but it is important. You need a plan, and disability insurance for attorneys is the plan that makes the most sense.
As you browse those options, you are going to see that only one of them is really an attractive way to go. For starters, no one wants to drain their savings and retirement accounts to pay essential bills on a monthly basis. You have worked hard to amass those savings, and they are meant for other uses, not as a replacement for your paycheck. Don’t let years of hard work and saving be drained away just because you have to be off the job for a few months.
With regard to the second point, is that something you really want to count on? Even if you do have a wealthy family member, do you want to call them and ask for the money you need to pay your bills? Probably not. Even if they say yes, that is still not a desirable situation. And if they say no, you’ll be stuck.
Fortunately, disability insurance for attorneys can eliminate the need to look at the first two options. With the proper policy in place, you can simply pay your bills using the pay out from your policy while working on getting back on the job. So much of the stress that would have been associated with this kind of situation will be stripped away thanks to your disability policy.
At Disability Insurance Coach, we have a talented team reading and waiting to help you find the perfect policy to serve your requirements.
If you want to read some unbiased information about what it’s like to deal with the Social Security Administration, while trying to obtain disability status I suggest you read a great article posted by the Council For Disability Awareness.
Determining Your Needs
Every situation is unique when it comes to buying disability insurance for attorneys. You can’t necessarily base your policy purchase on anyone else, because you have your own set of bills to pay, and your own specific circumstances to consider. This is why working with a licensed disability insurance coach is such a wise choice. A member of our team can help you track down the exact policy to meet your needs. By holding the proper policy, you can be confident that the money you need will be there when you need it most.
Generally speaking, it is wise to carry both short-term and long-term disability insurance. As the names would indicate, these are policies which cover circumstances of different durations. It is possible that you already have one of these coverages through your employer, so be sure to check on the terms of your employment before purchasing additional coverage.
Disability insurance for attorneys can come in many shapes and sizes, so it is almost certain you’ll be able to track down something that suits your requirements.
Get Started Right Away
You don’t want to delay when purchasing disability insurance for attorneys. Since this is such an important piece of the financial planning puzzle, you should do what you can to get it in place as soon as possible. Contact Disability Insurance Coach to get started and we will be happy to help you locate a policy that is perfect for your situation. Once that policy is purchased and in place, you can go back to practicing law with confidence, knowing you are covered.
You deserve to be protected while you go about the day to day task of practicing law. Becoming a lawyer is no easy feat and keeping up in this competitive business requires a confident, aggressive attitude. It’s great to be confident, but don’t let that confidence lead you to believe that you won’t need disability insurance for attorneys. For a relatively modest monthly premium, you can pick up valuable coverage that will provide you with tremendous relief should you be taken away from the job for some reason.