Set for Life Insurance specializes in helping professionals with their disability insurance, including attorneys.
Law students in their final year of law school may purchase up to $2000/month benefit even if you are not yet employed.
Attorneys in the first 2 years of practice may purchase up to $4000/month benefit regardless of income and without proof of income.
As an attorney, make sure you have the following clauses in your individual disability insurance policy:
- Definition of disability. Make sure your contract covers you if you can no longer work as an attorney. Be sure it will still pay you if you can or choose to work elsewhere. This may be called own occupation, your occupation or regular occupation, depending on the company.
- Noncancelable, guaranteed renewable. This means that as long as you pay your premium, the company can never cancel or modify your contract or increase your premium prior to age 65.0
Be sure you work with an independent disability insurance specialist who can comparison shop for you to ensure you are obtaining the most suitable policy at the best rates.
If you are an attorney that runs your own practice, you may want to consider purchasing a business overhead expense policy. This is a business disability insurance policy that pays you a monthly benefit to help you pay your business overhead expenses such as rent, insurance, payroll, etc…
If you are an attorney with several partners, you may want to consider purchasing policies to cover a buy sell agreement. In addition to a life insurance that would cover the agreement at death, a disability policy would fund the buy sell agreement in the event of a disability.
For more information about disability insurance for attorneys or to request a quote comparison, please contact Set for Life Insurance today!