Income Protection in the Current Economic Environment

Income Protection in the Current Economic Environment

It comes as no surprise to most people visiting this page that the legal profession at the present time has gone through downsizing due to the changes in the economy which finds many attorneys out of work or with less income. Generally speaking, in this environment the kneejerk reaction would be not to focus on protecting oneself as there appears to be bigger fires to put out at the moment. However the current environment is such that it is now more important than ever to pay attention to this area of your financial planning for the following reasons:

  • In the event your law firm should let you go, your group disability policy in 99 percent of the time is not going to follow you. It will evaporate into thin air and you find yourself out of a job and unprotected. In the event you were disabled before you return to work, you would have a bad situation go to worse. Individual supplemental disability insurance does not drop should you find yourself out of work.

  • In this current environment many law firms feeling economic pressure are reducing their long-term disability benefits, or changing to less comprehensive plans thus transferring more of the risk to the individual attorney. Again this makes the argument for being proactive to protect oneself.

  • For law firms, this current economic time creates a unique opportunity to explore your existing group disability and see if there are cost savings and benefit enhancements that can be had using the critical mass we're able to access by having professional associations. Perhaps your existing plan could be improved at no additional cost or even at a reduction in cost.

  • Disability and retirement - the vast majority of us have seen our retirement plans drop 30 to 50 percent. Consequently in the event of a disability most people find there are no funds available to fund retirement. The unique supplemental disability programs we offer will fund your retirement plan in full in the event you become disabled.

In summary because your ability to earn an income may very well be your most important asset there's never been a better time to examine what will happen in the event you're disabled.