It takes years of perseverance to become a Barrister. You’ve worked hard to develop your reputation and your practice. Your career plays a significant role in your lifestyle, and that of your family.
When you run your own business, it can be hard to stay away. But what if sickness or injury meant you had to take time off? What would happen to your income now and into the future? Could you afford the time off you might need to recover?
With so much riding on your ability to earn an income, it pays to protect yourself financially and insurance can be a cost-effective strategy to mitigate against this risk.
At Lawyers Life we work closely with Barristers to discuss the potential risks that could prohibit you from generating an income or limit your ability to provide financially for yourself and your family. We identify your financial goals, provide advice and formulate plans tailored to your specific needs to ensure you and your family are protected.
You’re responsible for a number of fixed expenses in order to run your practice such as rent, association memberships, CPD activity, Clerk fees and a number of other things that all add up and rely on you generating revenue.
It’s important that if you’re out of work for a while, you can continue to comfortably meet these expenses while your temporarily not earning an income.
Business Expenses Insurances is designed to pay for these fixed expenses for a period of time until you can return to work so that you don’t have to make drastic changes that will affect and slow down your return to practising.
It’s quite likely that you are the major income earner in your family. In the event of your unexpected passing do you have sufficient life insurance in place that will leave your family in the same position they are currently in – i.e. this might mean a level of insurance that will allow them to replace your income for as long as you are planning on working.
Other important things regarding your life insurance:
You’re no doubt paying more tax than what you would like. Are your policies structured in such a way that allows for maximum deductibility of the premiums?
If it is likely that you will hold some of your insurances for the next 8 years or longer, have you explored level premiums to manage the cost of your insurances over the long term?