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As a lawyer, you have a lot of responsibilities: to excel at
work, to be a good colleague and to deliver positive results for
your clients. Despite all that pressure, though, you can’t
neglect your personal responsibilities: to yourself, to your family
and to your future.
One vital way to safeguard the people you care about is to
purchase life insurance. And, in case you were concerned, it
doesn’t have to be painful. 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
buy insurance and seek out advice.
YOU’LL SPEAK WITH AN ADVISOR WHO UNDERSTANDS YOUR
“Lawyers work in a demanding profession,” says Arthur Standil, an advisor with Lawyers
Financial, who has more than two decades of experience in the
industry. (Before entering the world of financial planning, he also
practised law for 13 years.) “We work hard to provide advice
in a manner that fits into the busy schedule of our
LIFE INSURANCE IS FOR EVERYONE.
The best time to buy a policy is when you’re young and
healthy. “This allows you to stabilize your premiums and lock
in your insurability,” says Macey Standil, also a Lawyers Financial
advisor (and Arthur’s daughter). By starting early, you’ll
be better off in the long term.
THE RATES ARE COMPETITIVE.
As a not-for-profit, Lawyers Financial can keep prices low. When
you purchase life insurance through the organization, you’ll
enjoy some of the industry’s lowest premiums.
THE INSURANCE PRODUCTS WERE DESIGNED WITH LAWYERS IN MIND.
One of Lawyers Financial’s most popular products is Term 80 life insurance. When you apply, you
have to provide health and lifestyle information. That helps
determine the cost. The plan then lasts until you’re 80, with
gradual price increases over time.
Lawyers Financial also offers what’s known as the T5 version
of Term 80 life insurance. Here’s how it works: Every year, you
see a slight rise in your premiums and your coverage rises by 10
percent. If you purchase $500,000 of coverage, that amount would
rise to $550,000 the next year. (Increases are capped after 10
years or once the coverage hits $1.75 million). Your life
insurance, therefore, rises alongside your income and life
LIFE INSURANCE IS PRACTICAL.
Rather than buying term life insurance, which expires at a
particular age, you could purchase whole life insurance. These
policies cost more, but they never expire: your beneficiaries will
receive a payment no matter how old you are when you pass away.
Whole life insurance also carries a hidden perk. Over time, your
policy accumulates a cash value. You can use that value as
collateral when applying for a loan — say, a home-renovation
line of credit — in order to negotiate a better interest
rate. This is one example of how life insurance has practical
benefits beyond protecting your family and dependents.
YOU WON’T BE ALONE.
A Lawyers Financial advisor will help you select the coverage
that best fits your budget and circumstances. “That’s so
important,” says Arthur. “We’ll take time to make
sure you have the coverage you need.”
Originally Published by Precedent Fall 2022 Issue.
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.
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