Small law firms have unique challenges. Recruiting and retaining dedicated employees is one of the keys to your firm's success. Providing a competitive employee benefit plan is a tax-effective way to build loyalty and show your employees that you care.
The Lawyers Financial Employee Benefits program is designed exclusively for small to mid-sized law firms (3 – 20 employees) and offers advantages typically reserved for larger employers.
Flexibility of benefit design
We’ve taken a modular approach that allows you to design a plan that’s just right for your firm. Employee Life and Accident insurance form the foundation from which you can build your custom benefit plan. There are several levels of coverage available to provide you with choices that will fit your employees’ needs and your budget.
- Employee Life Insurance
- Dependant Life Insurance
- Accidental Death and Dismemberment Insurance (AD&D)
- Long-Term Disability Insurance (LTD)
- Critical Illness Insurance
- Health Care
- Vision Care
- Dental Care
- Cost Plus
- Employee and Spouse Optional Life Insurance
- Employee, Spouse and Children Optional Critical Illness Insurance
Life Insurance and Accidental Death and Dismemberment (AD&D)
Four levels of coverage are available for employees ranging from a flat $25,000 to two times salary up to a maximum of $1,000,000. Dependant life insurance of $10,000 for a spouse and $5,000 for each child is also available.
In addition to Basic Life Insurance, employees and spouses can purchase Optional Life Insurance up to an overall maximum coverage amount of $1,000,000 per person.*
* Optional Life requires medical underwriting
Long-term Disability (LTD)
An LTD benefit assures that the people working for your firm will continue to receive an income if they are unable to perform their job due to illness or injury. The LTD benefit offers the following definitions of disability:
- Lawyers: Unable to engage in the practice of law.
- Non-lawyers: Unable to perform their own occupation for two years and any occupation thereafter.
The Lawyers Financial Employee Benefits Plan offers both taxable and non-taxable LTD benefits. Your Lawyers Financial Advisor can help you determine which benefit is right for your plan.
The Lawyers Financial Employee Benefits Plan offers two Health Care options. The first option provides comprehensive coverage that includes prescription medication, paramedical services, hospital benefits, travel medical, trip cancellation, and convalescent care. The second option is more economical and provides coverage for prescription medication, paramedical services, and travel medical. Vision care can also be added to either option.
Dental care can be added to your plan when you include Health Care. Three levels of Dental Care coverage are available, giving you the flexibility to choose a plan suited to your employees’ needs and your budget.
Critical Illness Insurance
Critical Illness insurance provides a lump sum benefit of $25,000 to employees who are diagnosed with a serious illness (as specified in the contract) and survive 30 days. In addition to basic Critical Illness, a maximum of up to $200,000 of optional employee and optional spouse coverage can be purchased.** Employees may also purchase up to $25,000 of Optional Critical Illness for their children.
** Optional Employee and Spouse Critical Illness requires medical underwriting
Stability of Rates
As a Lawyers Financial Employee Benefits client, you pay rates that reflect the combined claims experience of all participating law firms in the program. By spreading the risk over thousands of people, your firm is better protected against future rate increases.
Combining all law firms also reduces internal costs and allows our insurer to pay a much greater percentage of each premium dollar back out in claims without increasing rates.
While the plan’s future performance is not guaranteed, we have a long history of stable renewal rates.
Big Firm Benefits unique to the Employee Benefits Plan
We believe that your small firm should have the best protection available. We offer benefits that most companies will only offer to larger firms, such as:
Coverage for Senior Lawyers:
We recognize that many lawyers enjoy working and don’t retire at traditional ages. As such the Employee Benefits plan provides Life and AD&D coverage to age 80, and Health and Dental coverage for as long as the individual is working.
Better Disability Definition for Lawyers:
A lawyer who qualifies for benefits under LTD will receive benefits for as long as they are disabled (up to age 65) and cannot practice law. Other plans may discontinue benefits if the insured is able to work in another occupation.
Many plans available to small groups will include coverage for only basic dental procedures such as cleanings and annual exams. When you choose an Employee Benefits plan, in addition to basic coverage, you can include coverage for more extensive procedures such as crowns, dentures, and bridges.
Orthodontics for children:
Your Employee Benefits plan can include Orthodontics for children under 17 years of age, up to a maximum benefit of $1,500 lifetime per child.
The details of this document are intended to provide you with a brief description of this plan and should not be considered part of any contract. Certain benefits and conditions may have changed since this document was produced. Benefits may be subject to proof of income, evidence of good health and approval by our insurer. Other conditions may also apply. Please contact your Lawyers Financial Advisor for additional details.
Lawyers Financial Employee Benefits Plan is underwritten by Desjardins Financial Security Life Assurance Company.