THE LIFE, OF A BARRISTER

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.

WHAT’S IMPORTANT – BARRISTER’S

INCOME PROTECTION

  • Own Occupation.  As a Barrister, in the event you are unable to complete your normal duties due to illness or injury, it’s important that your income protection policy assesses your inability to work and therefore eligibility to claim against your own occupation only (as a Barrister) as opposed to another occupation that you might be suited to such as a Mediator, arbitrator or a determining expert for example.
  • The core policy definitions are generous and flexible in the way the insurance company assesses your ability to claim and return to work without impacting your income.  It’s important that if necessary, you have the flexibility to return to work gradually without impacting your ability to continue to claim until you are back at work full time.
  • There is certainty over how much you will be paid in the event of a claim.  This can be achieved by an Agreed Value policy which will pay you based on the agreed amount, not what you have been earning immediately before a claim.
  • Where appropriate, 100% of your income can be replaced in the event you are forced from work.
  • Your policy is structured in the most tax effective way.  This means ensuring ownership is well suited to your own unique situation.
  • Your premiums are structured in the most cost-effective way so that the total premiums paid over the life of the policy are kept to a minimum and you are comfortable with them as you get older.
  • You have a specialist adviser on your side should you ever need to claim.

BUSINESS EXPENSES

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.

 

LIFE INSURANCE

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:

  • Do you have up to date beneficiary nominations?
  • Are your beneficiary nominations structured in such a way to ensure your family are not unnecessarily left with significant annual tax bills from the money you have left them?
  • Would the use of child death benefit pensions allow for the tax-free payment of income streams?

TAX EFFECTIVENESS

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?

 

LONG TERM AFFORDABILITY

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?

WITH A TAILORED PERSONAL INSURANCE PORTFOLIO YOU CAN:

  • MAINTAIN YOUR STANDARD OF LIVING IF YOU HAVE TO STOP WORKING DUE TO ILLNESS OR INJURY.
  • CONTINUE TO MEET YOUR PERSONAL AND BUSINESS EXPENSES ALLOWING YOU TO FOCUS ON YOUR RECOVERY AND RETURN TO WORK.
  • COVER YOURSELF AGAINST MEDICAL EXPENSES AND REHABILITATION COSTS ASSOCIATED WITH A CRITICAL ILLNESS OR
  • PROVIDE FAMILY PROTECTION TO ENSURE YOUR DEBTS

Contact LAWYER’S LIFE