If you're a lawyer in the first half of your career, you're deep in the middle of capital-A adult life: homes, weddings, children and vacation planning. When deciding on the best way to spend your money, disability insurance is probably at the bottom of your shopping list. And we get it. You're young. You're healthy. You even ordered the kale and quinoa salad the other day. Do you really need to worry about disability insurance?
The answer, in short, is yes. Here's why you should invest in coverage today — and what makes Lawyers Financial, a not-for-profit that serves the legal community, the ideal place to seek out advice.
YOUR BANK ACCOUNT WILL THANK YOU.
If an illness or injury keeps you out of work for an extended period, you don't want to raid your savings or investments to cover basic expenses. With disability insurance, you'll keep receiving a steady paycheque.
LIFE IS LONG.
"This might sound surprising, but younger people need disability insurance more than anybody else," says Paul Hubraj, an advisor and insurance specialist at Lawyers Financial. "That's because if they suffer a disability, they're going to miss out on a lot more working years."
BEING YOUNG IS CHEAP.
If you sign up for disability insurance when you're young and healthy, your monthly premiums will be lower than if you try to get in when you're older. The reason is simple: in the eyes of an insurance provider, the average 52-year-old is a riskier proposition than the average 35-year-old.
YOU CAN BUY COVERAGE THAT FITS YOUR BUDGET.
If money's tight, a Lawyers Financial advisor can craft an affordable policy. One way to keep costs down, for instance, is to buy partial coverage. An advisor can walk you through a variety of suitable options.
LAWYERING IS A PRETTY SAFE JOB.
Insurance providers typically calculate your monthly premium after aggregating the risk profile of everyone enrolled in the policy. People with relatively safe jobs (lawyers, accountants, librarians) are often mixed in with workers in more hazardous fields (welders, firefighters, lion tamers). "When you're pooled with riskier occupation classes," says Hubraj, "your premiums are going to be higher."
At Lawyers Financial, the client base of its disability insurance is made up entirely of lawyers. The risk profile, as a result, is quite low. This keeps costs down.
YOU'LL HAVE SOMEONE TO HOLD YOUR HAND.
In the world of online everything, it can be tempting to click a few boxes on an insurance website and call it a day. Don't make that mistake. Talk to a real-life advisor who can explain the fine print in your policy. Should the worst happen and you're unable to work because of a disability, you'll also have someone to help you through the claims process when the last thing you want to do is complicated paperwork.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.