Disability Insurance for Lawyers – Own-Occupation for Attorneys
Own Occupation disability insurance for attorneys? Absolutely. Enter your information to download a policy scenario of how.
Income Protection Strategy
Attorneys require a custom income protection strategy that can offer more nuanced product features that speak to their needs.
When you purchase an individual disability income (DI) insurance policy, you can customize your coverage to meet your specific needs and budget.
Your eligibility for benefits is partially judged on whether you’re able to perform the duties of your occupation. But if the policy’s definition of “occupation” is too broad, you may not qualify for the benefits that you anticipated.
The Definition of Disability is Key
Every policy has a specific definition of what it means to be disabled in order to qualify for total disability benefits. A short term disability (STD) insurance policy has a relatively simple definition: if you are unable to perform the substantial duties of your present occupation because of illness or injury, you may qualify for total disability benefits.
After all, STD coverage only lasts a few months, and the assumption is you’ll go back to your regular occupation when you’ve recovered.
However, longer-lasting disabilities present another possibility: an injury or illness could make you unable to perform the substantial duties of your own occupation, but might not prevent you from practicing any occupation.
So, some long term disability (LTD) policies have an own-occupation definition of disability, and others have an any-occupation definition.
Your Own Occupation
Depending on who you are and what you do, either type of policy can be beneficial. For example, a permanent foot injury might keep a railroad conductor from walking easily and performing his or her regular occupation, but with a little retraining, that person might be able to perform many kinds of desk jobs – even within the same organization – for similar pay. An LTD insurance policy with an any-occupation definition of disability can provide adequate protection for such a person.
Details matter, that’s why as an attorney one of the most important policy features you can have is protection in your own legal specialty. This benefit is an integral part of DI policy and is available to attorneys via underwriting.
Total Disability
Total disability as the inability, due to sickness or injury, to perform the material and substantial duties of your regular occupation and you are not working in any other occupation for wages, compensation or profit. Your regular occupation is the one in which you are working on the date of total disability.
When you purchase a policy with the Own Occupation specialty language, the definition of total disability mentioned above is replaced with the inability, due to sickness or injury, to perform the material and substantial duties of your regular occupation. If your regular occupation on the date of disability is limited to a professionally-recognized legal specialty, within the scope of your degree or license, we will deem that specialty to be your regular occupation.
What does this mean to you?
If you are unable to work in your own professionally-recognized legal specialty, due to sickness or injury, you will be eligible to receive total disability benefits up to the maximum benefit period stated in your policy. Benefits are payable even if you are gainfully employed in another specialty or occupation.
Here is an example…
An attorney who is disabled from his or her legal specialty, but can perform the duties of a paralegal or a law clerk, will be deemed totally disabled and receive total disability benefits, according to the terms of the policy he/she purchased.
DISABILITY INCOME INSURANCE
Disability Insurance for Lawyers
Disability insurance for attorneys that is designed specifically for legal professionals and lawyers. Own-occupation, long term, disability income insurance covers attorneys in their specific line of work. Own-occ coverage is only available through a limited number of insurance carriers.
Attorneys Own Occupation
Attorneys can get a disability insurance policy with a true own-occupation definition of disability, and specialty language as a part of the policy or as a rider to the contract.
If you have limited your occupation to the performance of the material and substantial duties of a single legal specialty, the carrier will consider that specialty to be your occupation.
Disability Insurance for Lawyers Quotes
Since legal occupations and incomes vary dramatically, it’s important that we understand your particular situation completely in order to quote you correctly.
You’ve spent a lot of time and money to become a lawyer. It only makes sense to have a disability insurance plan specific to your occupation. A properly structured, long-term, disability income insurance policy will protect you and your specialty in the event of a sickness or injury.
Are you ready to get a quote and get started?
If you’d like an accurate quote, let us learn a little more about you by starting the application process. It’s simple, can be done completely online, and should only take a few minutes of your time.
Legacy Insurance Agency is an independent agency specializing in life and disability insurance for professionals.
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Student Loan Protection
Student loan protection is a smart and affordable way to keep your financial future on track.
Professionals such as attorneys and physicians are now graduating with average student loan debt approaching $200,000. If you lose your ability to work and encounter debt, that debt can lead to significant financial problems. This burden may be hard to overcome, especially if that happens early in your career.
Student loan protection offers more income replacement than disability coverage alone.
Legacy Insurance Agency offers the finest long term disability policies from the nation’s most respected carriers.
*Statistics from the Social Security Administration