Protect Your Career with Long Term Disability Insurance Designed Specifically for Lawyers and Attorneys
As a new or experienced attorney, you have dedicated an enormous amount of time, effort, and financial resources to becoming an expert in your field. Your most important asset is your ability to perform at a high level, both physically and intellectually. When it comes to the practice of law, intellectual and cognitive skills are more critical than they are in many other occupations.
You have to know the specific laws within your field of practice. You must maintain effective communication skills. In short, you have to stay on top of your game at all times and under all circumstances!
While some physical limitations can be threatening to your ability to practice law, a loss in cognitive ability can be far more damaging and destructive to a successful legal career. This is just one reason why you must work with an accomplished attorney’s long term disability insurance specialist when planning for your future.
Knowledge based occupations such as the practice of law require unique skills and talents. Leaving these skills unprotected or subject to the less comprehensive language of group disability insurance will leave you far more exposed than you may realize.
Protecting Your Future with Long Term Disability Insurance for Lawyers
By partnering with the insurance specialists at MyDisabilityPlans.com, you’ll benefit from in-depth discussions regarding proper contract language and plan design that will protect your unique skill set. We’ll help you find the most appropriate insurance solution by reviewing your personal situation and then obtaining multiple quotes from leading providers of long term disability insurance. A lawyer can appreciate the work we do to go over the contract provisions with every one of our customers.
We’ll review each quote with you, focusing on the important provisions of the contract along with the costs associated with a properly designed long term disability insurance solution for lawyers. That way there won’t be any surprises down the road if you need so file a claim.
We’ll also help you design a plan that will grow with you! Many lawyers engage in a practice with a moderate and predictable income growth rate. Others have the potential to grow faster or with more variability.
Understanding this aspect of your law practice and designing a plan that can react appropriately is a key aspect of a proper plan. At MyDisabilityPlans.com, we understand how important this is and will make sure we provide options to help you protect your tomorrows as well as today.
Long Term Disability Insurance: Attorney Coverage Considerations
Whether you’re searching for an individual disability insurance policy to serve as your primary income protection plan or you need to supplement your practice’s group disability policy, you need the expert advice MyDisabilityPlans.com can provide when designing a plan for long term disability insurance. Attorneys have important considerations to take into account when choosing a policy. Having one of our experts at your side will make your design work easier and more effective.
When seeking long term disability insurance, an attorney will want to consider:
Definition Of Disability
- Specialty Own Occupation – May provide the most flexibility during a disability for a lawyer with a practice confined to some recognized specialty areas of practice.
- Transitional Own Occupation – Unique definitional tool providing much of the protections of Specialty Own Occupation at lower price points.
- Own Occupation and Not Engaged In Other Employment – A more traditional approach which leverages the “Residual or Partial Disability” provision to provide protection when you change occupations due to your disability.
- Any Reasonable Occupation – Typically one of the weakest definitions of disability. Usually follows a short period of Own Occupation protection. This type of definition is prevalent in the group long term disability insurance lawyers often provide in their firms.
Definition of Residual (Partial) Disability
The questions below and others should be discussed to make sure you have chosen the Residual/Partial provision which best fits your type of law practice.
- Will your policy benefits begin after you can’t perform some of the duties of your occupation or will a specified combination of loss of duties and income loss be required?
- What percentage loss is required to trigger a benefit?
- Is there an opportunity to continue benefits after you have recovered but still suffer a loss of income?
Ability to Increase Your Coverage Without Demonstrating Financial or Medical Insurability
There are many scenarios that may require a unique application of the available provisions in the marketplace.
- Associate to Partner – Increased experience and knowledge within your practice of law demand different levels of long term disability insurance. Attorneys who progress in their careers generally see increased income levels as well. Designing a disability plan to adjust to future income increases without potentially troublesome underwriting will make adding protection easy and hassle free.
- Starting Your Own Practice – Your skills and obligations change when you are not only a practicing attorney but also a business owner. Being an owner of a practice requires increased focus on the sources of your income and the retention of your clients. Whether you currently own your practice or you are hopeful of this opportunity in the future, building your attorneys’ long term disability insurance plan with the added flexibility for this future possibility can be cost effective when done at the outset of your plan.
- Multiple Sources of Compensation – Does your current disability income policy recognize the multiple sources of your total income? Many attorneys earn salary and bonus income. There may be additional income coming in the way of retirement plan contributions. Many employer provided long term disability insurance plans don’t cover all the types of income you receive from your practice! And they don’t have the protections you need to adjust your coverage when circumstances change. MyDisabilityPlans.com will help you better understand the details of your current plan when you engage in The 7 Steps to Disability Planning Success ™. Part of the process will include a review of your existing plans with our consultants to make sure your current coverage will meet your requirements.
- Changes or Loss of Employer Provided Group Disability Coverage – With many employer- sponsored plans, changes are ongoing to control the costs of benefits. A simple change in insurance carriers may leave you exposed. Do you have a backup plan should your employer decide to change what they offer you?
In summary, while your physical ability to perform your job is important, there are other important aspects of your ability to practice as well. What if you can’t focus for long periods of time, or you lose the ability to recall information, interpret, and articulate case law? The ability to handle the stress created by the constant need to perform at an exceptional level is a critical aspect of your job as an attorney.
Protect yourself and your career with long term disability insurance. Lawyers are all too often on the front lines of legal cases involving disability insurance; yet, neglect their own personal insurance needs. Don’t let that happen to you!
Contact MyDisabilityPlans.com today and start securing your future against the unexpected.
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- Annette Maggi, Strategic Nutrition Marketing and Communications Consultant
What I appreciated most was the time Mitchell took to really explain the various elements of disability insurance to me. As a new small business owner, I didn't have experience in this area, and appreciate him sharing his knowledge and expertise, and being so patient with all my questions.