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Income Protection for Lawyers


Certain professionals such as lawyers are usually encouraged to opt for income protection plans since these professionals earn a significant income. Income protection plans for lawyers ensure that the policy holder gets maximum benefits such as fixed compensation payments and perks such as disability expenses. Listed below are 4 things buyers should know about before purchasing income protection for lawyers.

Eligibility

To be eligible to purchase specialized insurance plans for lawyers the buyer must meet certain criteria. One of the important eligibility criteria is that, the buyer should have commenced practice within the last 2 years. Most insurers require lawyers to declare their profession while asking for a quote and depending on the information provided, buyers will be given insurance quotes.  Some insurers require lawyers to earn a minimum of $100,000 to be eligible to receive higher compensation, while other insurers do not have any such requirements.

Compensation Payments

Depending on a few factors such as the type of contract selected and the insured amount selected, lawyers may either receive up to $60,000 annually as compensation or they may receive up to 75% of their annual salary as compensation. Buyers who are offered a fixed annual compensation payment will be given this amount as monthly payments unless otherwise stated by the insurer. Buyers who are interested in receiving a fixed amount every year such as $60,000 should consider opting for an agreed value contract and not an indemnity contract. Usually good insurance policies that offer maximum benefits offer certain professionals such as lawyers agreed value contracts by default however, before purchasing a policy, the buyer is encouraged to ensure that he has signed up for the right contract. Failure to do so can cause claim related problems later on since indemnity contracts do not ensure that the policy holder will receive a fixed or pre decided annual compensation payment.

Additional Benefits

Lawyers who opt for good plans may also be offered additional benefits such as a day one cover or a 3 day bed rest cover. In addition, the buyer may be offered advance payments if he is eligible to receive them. Some insurers also offer other perks such as accommodation benefits, advance lump sum payment for broken bones and home assist benefits. if the policy holder’s spouse has to take leave to help the policy holder while he is injured or unwell, then the policy holder’s spouse may receive a compensation payment as well.

Remember

It is important to note that all the benefits may not be offered by one insurer and buyers who want maximum income protection for lawyers’ benefits should consider comparing policies and insurers before choosing an income insurance policy that is ideal for them.


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