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Income Protection for Barristers

Although people who work in all professions are encouraged to opt for income protection plans, people who work in certain professions are more likely to need these plans than others. Barristers are often encouraged to opt for the best income protection plans they can afford due to many reasons. Listed below are a few things buyers should know about while purchasing income protection for barristers.

Why Opt for Income Protection?

Income protection plans can protect you financially if you cannot work for a limited period of time. These policies will provide up to 75% compensation and may also provide up to 8% towards superannuation, retirement and other benefits if they are included as part of your salary package.

These plans can ensure that when you are unable to work, your family does not have to worry about money and your children, spouse can continue to live their lives normally. These plans can also ensure that you get the financial help you need in order to get better as soon as possible.

Comprehensive Plans
Comprehensive income insurance plans are ideal for barristers for many reasons. In addition, to providing up to 75% compensation these plans offer many additional benefits such as disability benefits, disability expenses and additional compensation in case a spouse has to miss work to take care of the policy holder if he is confined to bed rest.

Other perks that are offered by majority of the insurers in Australia include a day one claim benefit, a death benefit and surgery benefits for transplant surgery and certain types of cosmetic procedures. Majority of the comprehensive income insurance plans also offer tax benefits that can help policy holders save money.

Member Benefits

Income protection plans allow policy holders to manage their policies online. While some insurers offer policy holders the option to edit certain details online, other insurers offer policy holders to file claims online by following a few simple steps.

Terms of the Policy
Some insurers offer special income protection insurance for barristers that offer a guaranteed benefit such as $75,000 annually.  These plans offer certain other perks such as 24 hour worldwide cover and full indexation of all the benefits provided. These plans offer these benefits to barristers who have commenced practice within the last 2 years and who have been employed in the legal field in various positions such as solicitors, a judge’s associate or military legal corps.

Additional eligibility criteria include that the barrister should have been employed in an unrelated occupation and has earned a sum of $100,000 or more every year. Barristers may also be offered trauma insurance, critical illness insurance and other types of add on insurance plans for a nominal fee or for no additional fee. Majority of the insurers offer these plans to barristers without asking them to undergo a series of medical exams or answer a series of lengthy questions.


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