Income Protection Insurance for Solicitors
As a solicitor, your clients trust you to guide them in all their legal concerns. That includes preparing and writing legal documents, negotiating on their behalf, and even executing wills.
Because of your responsibilities, we know that you understand the importance of being prepared all the time. That is, prepared enough to have contingency plans depending on the outcome of the legal matter you're handling. After all, nobody really knows whether or not the court decides in your favor until the decision has been handed down.
The same thing goes with your work in general. There's no assurance that you will remain healthy in the coming weeks or months. What you need to do then is to have a contingency plan in case something bad happens to you.
That is where income protection insurance comes in. With this type of insurance, you will be able to receive regular benefits of up to 75% of your salary when you are unable to work because of an illness or injury.
How Much Premiums Cost
As with other types of insurance, the value of your premiums depends on the features and benefits you wish to have in your policy. For example, there's a benefit period that determines how long you will receive benefits. The longer the benefit period, the higher your premiums will be as well. There's also what's called the waiting period, which is the length of time before which you can receive your benefits. It could be as short as 14 days, or up to several years. The rule of thumb here is that the shorter the waiting period, the more expensive the premiums.
Indemnity Vs. Agreed Value Policy
You will also be given an option between an indemnity or an agreed value policy. An indemnity policy is better suited to individuals who receive regular salaries since the value of the benefits depends on their average salary. Since their salary may increase over time, so will their benefits. It is also cheaper than an agreed value policy.
On the other hand, the insurer and the insured will decide on the value of the benefits in an agreed value policy. This is better suited to self-employed solicitors whose salary may fluctuate over time.
Get Income Protection Insurance Today!
Contact us on 1300 793 143 and we will organize you quotes from up to 9 Insurance companies in under 10 minutes. Our consultants will talk you through the process. Contact us today for more details!