As a lawyer, you have a lot of responsibilities: to excel at work, to be a good colleague and to deliver positive results for your clients. Despite all that pressure, though, you can’t neglect your personal responsibilities: to yourself, to your family and to your future.
One vital way to safeguard the people you care about is to purchase life insurance. And, in case you were concerned, it doesn’t have to be painful. Here’s why you should invest in coverage today — and what makes Lawyers Financial, a not-for-profit that serves the legal community, the ideal place to buy insurance and seek out advice.
You’ll speak with an advisor who understands your life.
“Lawyers work in a demanding profession,” says Arthur Standil, an advisor with Lawyers Financial, who has more than two decades of experience in the industry. (Before entering the world of financial planning, he also practised law for 13 years.) “We work hard to provide advice in a manner that fits into the busy schedule of our clients.”
Life insurance is for everyone.
The best time to buy a policy is when you’re young and healthy. “This allows you to stabilize your premiums and lock in your insurability,” says Macey Standil, also a Lawyers Financial advisor (and Arthur’s daughter). By starting early, you’ll be better off in the long term.
The rates are competitive.
As a not-for-profit, Lawyers Financial can keep prices low. When you purchase life insurance through the organization, you’ll enjoy some of the industry’s lowest premiums.
The insurance products were designed with lawyers in mind.
One of Lawyers Financial's most popular products is Term 80 life insurance. When you apply, you have to provide health and lifestyle information. That helps determine the cost. The plan then lasts until you’re 80, with gradual price increases over time.
Lawyers Financial also offers what’s known as the T5 version of Term 80 life insurance. Here’s how it works: Every year, you see a slight rise in your premiums and your coverage rises by 10 percent. If you purchase $500,000 of coverage, that amount would rise to $550,000 the next year. (Increases are capped after 10 years or once the coverage hits $1.75 million). Your life insurance, therefore, rises alongside your income and life obligations.
Life insurance is practical.
Rather than buying term life insurance, which expires at a particular age, you could purchase whole life insurance. These policies cost more, but they never expire: your beneficiaries will receive a payment no matter how old you are when you pass away.
Whole life insurance also carries a hidden perk. Over time, your policy accumulates a cash value. You can use that value as collateral when applying for a loan — say, a home-renovation line of credit — in order to negotiate a better interest rate. This is one example of how life insurance has practical benefits beyond protecting your family and dependents.
You won’t be alone.
A Lawyers Financial advisor will help you select the coverage that best fits your budget and circumstances. “That’s so important,” says Arthur. “We’ll take time to make sure you have the coverage you need.”
This story is from the Precedent Fall 2022 Issue.
