As a Legal Practitioner, you advocate for and protect the best interests of your clients. You are dedicated to your role, your workload and stakeholder pressures are high. It’s likely you have built a level of expertise in a chosen area of specialty. We are no different.
Our role is to help you make smart, well informed decisions on your income protection and life insurance matters. Your needs and the solutions available to you as a Legal Practictioner are unique.
We will help you with solutions in relation to product selection and policy structuring to ensure that in the event of an illness or injury event, you and your family are adequately covered and access to financial support is straightforward.
To protect everything you have worked so hard to achieve and that you care about, you need a safety net in place to protect you against these events. In particular:
It is quite likely you have a select number of speciality areas of practice and we are the same. We have chosen to become specialists in helping legal professionals make good decisions in regards to their financial protection arrangements.
At MCP Lawyers Life we work closely with Solicitors and Barristers to highlight 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 provide protection for you and your family.
You tell us about your financial goals and objectives and what potential risks could affect you achieving these goals. We will discuss some “what if” scenarios to ensure we understand your financial priorities. We will also discuss your existing insurance (if applicable) to help you understand what you are covered for and uncover any concerns you or we may have with your current arrangements.
We analyse the information gathered in the discovery process and explore multiple scenarios that will ultimately help you achieve what is important to you. This involves researching appropriate insurance strategies, policies, premiums and structures that meet your stated needs. We detail our recommendations in a report called a Statement of Advice (SOA).
This is the strategy meeting where we introduce you to the recommendations that are specific to your circumstances. We discuss in detail how the strategy meets your needs and how it will ensure your future financial goals are met if tragedy strikes.
We implement your plan when you authorise us to proceed with an application to the Insurer(s). You provide all relevant information to the Insurer for assessment of your application and we organise any medical tests (if required). We will liaise with the Insurer throughout the underwriting process and notify you of the Insurer’s decision.
We review your circumstances and existing Insurance portfolio annually to ensure your cover continues to meet your changing needs. During the review process we establish if there have been any significant changes to your personal or family circumstances that could affect your existing portfolio. We also keep you up to date on any changes in the legislation or Insurance industry which may be applicable to you.
We are there when you need us most to guide you or your dependants through the claim process to assist with a timely settlement. We facilitate the claims process to make it easier for you. We also take the time to explain to you the relevant policy benefits appropriate to the specific claim.
A number of Australian Law firms will have a Group Income Protection (or salary continuance) plan in place for its Partners. Often this will work hand in hand with the Partnership Deed in regards to your profit draw entitlement ceasing after a period of time off work due to illness or injury.