Barristers & Life Insurance
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Barristers & Life Insurance
As a barrister, finding life insurance available to you should be quite straightforward. Your job is generally not seen to be a particularly high risk for life insurance.
Insurers will more than likely offer you life insurance at standard terms. This means that the monthly premium you pay should not be increased compared to what others pay.
To get the best life insurance for you we will ask you:
- Do you represent any politically exposed persons?
- Does your work take you abroad?
If your work means that you are more exposed politically, particularly in high profile cases, this can sometimes have an impact on getting life insurance. This may mean that the insurer will increase the monthly premium for your life insurance. In some cases, you might find that some insurers decline your application for life insurance until a current high profile case has completed.
For the most part there should be no difficulties in arranging life insurance for you. You may find that your life insurance can be arranged in a specific way that allows for the insurance to be paid for by in a tax efficient way. This is most likely if you are part of a Limited company or Partnership.
If you are a barrister within a partnership it is often a good idea to look into what is known as partnership life insurance, that will find financial protection to the partnership in the event that a partner passes away.
Our advisers are here to help you find the right insurer to match your circumstances, to get you the best terms possible.
Barristers & Income Protection
Income protection pays you a replacement of your monthly income, if you are unable to work due to ill health.
Most insurers can potentially offer income protection with standard terms. Being a barrister is really interesting when it comes to income protection. Income protection is all about financial loss due to ill health and inability to work.
As a barrister you will likely receive residual income for quite some time for work done previously, that could affect your ability to claim on an income protection policy. When I arranged income protection for a barrister before, we set the policy up to provide financial support once they had been ill for 12 months and unable to work, as their ongoing income for past cases would last that long. The key thing for you as a barrister is to make sure that your income protection ‘ deferred period’ matches your earnings.
You can find that some insurers price income protection differently to others, based upon you being a barrister. This is because being a barrister is seen as being a higher risk of claiming on income protection for mental health, due to the stress and pressure of the work. We have access to insurers that do not do this kind of pricing and they could be a really good option for you.
It’s also really important to know if you are self-employer, a partner in a partnership or part of a Limited cover. This can change the best route for income protection for you and whether you can get some specific tax advantages on the policy premiums.
Our advisers recommend income protection for people every day and we will be able to let you know exactly what you can have. Get in touch today for a no obligation quotation.
Barristers & Critical Illness Cover
Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer’s claims set e.g. cancer, heart attack, stroke.
Getting critical illness cover should be an uncomplicated process for you. Most insurers are likely to offer critical illness cover at normal terms, meaning your monthly premiums will remain fixed, and no exclusions will apply to your policy. Your occupation is not seen as being a higher risk for causing a claim on this type of policy.
As with life insurance cover, if your role exposes you to political or security risks, particularly through high-profile cases, this could affect your insurance application. Some insurers may adjust your premiums while you are involved in such cases.
Our expert advisers will find the right critical illness policy to match your work.
Barristers & Travel Insurance
We work alongside a specialist travel broker to get you the travel insurance that you need. It is even more important to make sure that seek advice if you are regularly travelling outside of the UK to see your clients. To find out more, please visit our travel page here.
Possible Risks
- Depression
- High BMI
- Lack of sleep
- Sedentary work
- Smoking
- Stress
Occupational Duties
- Appearance in court
- Commuting
- Cross-examination
- Negotiation
- Preparation of legal opinion, documents, arguments
- Research
- Review evidence
- Understanding and interpreting law
- For more information on specific health conditions, pastimes, occupations and countries please select here:
Common Questions
Hi, and thanks for getting in touch! So getting income protection as a barrister generally doesn’t pose any problems. Getting income protection as a self-employed barrister is certainly beneficial, as you don’t have any sick pay. In this situation, if you were to fall ill and couldn’t work, then the Income Protection policy would kick in. Without the policy, you wouldn’t receive any sick pay.
The insurers will want to find out if you are involved in any high profile cases, as this can have an impact on what type of premium you’ll be paying.
When you say you are self-employed, are you a partner in a partnership? If you are, sometimes the income protection policy can be set up on a specific way to give you tax advantages on the premiums.
Feel free to get in touch with one of our expert advisers, who will be able to point you in the right direction of finding a policy that suits your needs.
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