Life insurance can benefit people of all occupations, including lawyers. There are many reasons why lawyers should consider getting life insurance, including whether or not they have dependents, private student loan debt, a mortgage, or other financial responsibilities. Life insurance also offers portability, allowing lawyers to maintain coverage even if they change law firms. By securing a policy, lawyers can have peace of mind, knowing that their family's financial well-being is protected in their absence.
If you’re a lawyer, you may want to consider a permanent or term life insurance policy depending on your budget and financial goals. In this article, we’ll explore why it’s important for you to have life insurance as a lawyer and discuss the types of coverage you can apply for to help determine which type of policy is right for your lifestyle and needs.
Why do lawyers need life insurance?
Life insurance is a crucial financial tool for lawyers, especially those with dependents relying on their income. As lawyers often support spouses, partners, or children, life insurance provides a safety net in the event of their untimely death. Here are some ways that life insurance can offer financial security and protection for lawyers and their beneficiaries:
Protecting hard-earned assets: Law can be a high-earning profession, and if you have a high net worth, life insurance can help protect your hard-earned assets, especially during estate planning.
Providing income replacement: If you’re a lawyer who’s the primary earner in the family, life insurance can provide income replacement if something were to happen to you, ensuring your family isn’t left in financial distress.
Paying off debts, including student loans: Many people who go to law school take out student loans to pay for their education, so having life insurance can help make sure your loved ones won’t be burdened with that outstanding debt if you pass away unexpectedly.
Life insurance can offer professionals peace of mind no matter their occupation, but because of their lucrative career choice and significant academic investment, lawyers can especially benefit from this type of coverage.
What type of life insurance is right for lawyers?
The right type of life insurance for lawyers depends on their specific financial needs, goals, and circumstances. Coverage options for lawyers include:
Term life insurance: Term life insurance, which provides coverage for a specific term (such as 10, 15, 20, 25, or 30 years), is a good option for lawyers who want coverage for a specific period, such as until their student loans are paid off or their children are financially independent.
Permanent life insurance: Permanent life insurance provides coverage for your entire life and also accumulates cash value over time. Permanent life insurance policies are more expensive than term life insurance but offer additional benefits such as tax-deferred growth and the ability to borrow against the cash value. This makes them a good option for those looking for an additional investment tool or a supplemental source of retirement income. There are several types of permanent life insurance, including whole life and universal life.
Instant life insurance: Instant life insurance, also known as a type of no medical exam life insurance, is a convenient option for those with demanding professions, as it allows you to skip the hassle and paperwork of the medical exam process. When you work with SelectQuote to purchase instant life insurance, you may qualify for up to $5 million in coverage in less than an hour as long as you’re 60 years old or younger and in generally good health.
If you’re a lawyer considering your coverage options, you’ll want to take several factors into account, including your age and the current and future needs of your loved ones. Having licensed, experienced insurance agents shop for you can streamline the process and help you compare rates from several carriers so you can feel confident in your policy.
SelectQuote Can Help Lawyers Find the Right Life Insurance
Working in a demanding profession can make it hard to find time to shop for life insurance. At SelectQuote, we make it easy. We’ll take the shopping process and guesswork out of your hands by searching and comparing plan details on your behalf. With our proprietary technology, you can have rates from several of the nation’s most reliable carriers in minutes, making it easy to understand and review your coverage options.
Our team of licensed insurance agents will take the time to learn about your specific motivations for purchasing life insurance, whether it be income replacement, debt protection, or estate planning to find the right fit for your needs. While you continue to advance your law career, make sure your loved ones and assets are protected with life insurance you can trust.
