Life Insurance for Lawyers

Protecting the professionals who protect our rights.

Lawyers are experts at protecting the rights of others, but can often overlook the protection of their most important asset: themselves.

As a legal professional, the right life insurance products can help protect you and your family if you are no longer able to work. This makes it a vital source of financial security and peace of mind in an often busy and challenging profession.

FAQs About Life Insurance for Lawyers

Why do Lawyers need life insurance?

 

Climbing the ranks of the legal profession takes time and resilience, and the right life insurance cover can help ensure that the journey is not derailed by falling ill or being injured. If an accident or illness prevents you from working, a comprehensive income protection policy can guarantee you a continued income for a period of time.

If you have a mortgage and financially dependent family members, these too will need the added security that life insurance can provide, if you can no longer provide for them. This is all the more important in families where the lawyer is the primary income earner.

What can Lawyers' life insurance cover?

 

A comprehensive life insurance policy for lawyers can cover:

 

Income Protection

Lost income if you can’t work because of illness or injury in the short or long term (depending on your benefit period), you will receive a monthly payment from Income Protection Select insurance.

 

Total and Permanent Disability

Total and Permanent disability: should you, as a consequence of becoming Totally and Permanently Disabled, be unable to work again, you can claim a lump sum via Total and Permanent Disability insurance.

 

Business Expenses

If you are the owner of a legal firm and unable to work as a result of illness or injury, Business Expenses insurance can cover the necessary costs required to keep the doors open while you recover.

 

Life Cover

If you should pass away or become terminally ill, life cover ensures your family or estate will receive a lump sum to lessen the financial burden. This might clear debts, pay down a mortgage, or go toward future expenses (such as your children’s education).

How much life insurance should a Lawyer have?

 

The amount of life insurance taken out by a lawyer will depend on individual financial circumstances such as family dependents, mortgages, and debts. Income protection can also provide peace of mind because it provides a financial safety net for you and your family in the event that you are unable to work for a while due to illness or injury. To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial advisor.

Is being a Lawyer a high-risk profession?

 

No, being a lawyer is not considered a high-risk profession. That said, high levels of stress and work-intensive lifestyles can increase the likelihood of illness or mental health issues, which will be covered by Income Protection Select insurance if you are prevented from working. Also, trauma insurance provides a lump sum payment if you suffer a specified serious illness listed in the cover terms.

What are the benefits of having life insurance as a lawyer?

 

The right life insurance cover creates a safety net for lawyers both financially and psychologically. Financially, it helps ensure the family has the money they need to meet their obligations and expenses should sickness or illness strike.

Psychologically it can offer peace of mind. Lawyers can take comfort knowing that life insurance products are available so that their family will be provided for if the unexpected happens, and they’ll also have less financial stress to deal with if a sudden change of circumstances prevents them from working. It’s easier to recover when all you have to worry about is your health.

How can PPS Mutual help with life insurance for a lawyer?

 

PPS Mutual offers a number of tailor-made life insurance products packages for professionals, complete with insurance benefits such as:

  • Caring for your Child Care Benefit: Pays a monthly benefit for up to 6 months if you need to cease full-time employment to provide full-time care for your dependent child who is incapacitated.
  • Profit Share and mutuality: PPS Mutual has no shareholders, so our profits are shared with our Members (i.e. you!).
  • Career Change Transition Benefit: Pays a monthly benefit for 12 months to support a career transition after an illness or injury
  • Parental Leave Cover Protection: If you take Parental Leave you can reduce your cover or stop it altogether. When you return to normal working hours you can increase cover to your previous level with no  medical underwriting
  • Study Leave Cover Protection: If you have stopped work (or reduced your working hours) no more than 12 months  ago to go on a Fellowship or for other career-based further Study or Training then you will be assessed against the occupation you were performing immediately prior to commencing the study

Our PDS contains the full terms and details of product features.

Profit-Share

Members of PPS Mutual will be entitled to a share in the profits of the Professionals Choice product. PPS Mutual Professionals Choice is the only product to offer this feature in the Australian Insurance market.

Indexation for Professionals

Being exclusively for professionals we are able to offer the option of having benefits increase in line with your salary, based on increases in our Professional Earnings Index or inflation, whichever is greater.

Professional Events

You can also increase your cover without having to provide further medical evidence when certain career events occur such as becoming a partner or starting in private practice