Lawyers Financial offers coverage for sole practitioners as well as small- to mid-size firms
The legal profession is extremely challenging: with lawyers spending long hours studying and contesting cases, keeping up with legislative and judicial developments, and consulting with clients. It leaves them little time to take care of their financial needs — a problem a newly launched brand wants to address.
The Canadian Bar Insurance Association (CBIA) has established a new trademark, Lawyers Financial, to provide high-quality insurance and investment products for the legal industry.
“Outside of major national law firms, there are thousands of lawyers across the country who don't have access to group insurance coverage for life insurance, critical illness, and disability insurance, as well as financial products such as group RRSPs and pension plans,” said CBIA President Henry Kugler.
According to a statement from the group, small and mid-sized law firms as well as sole practitioners have huge demands to deal with. Lawyers with such businesses are often unable to address their own needs; they’re the legal professionals least likely to have access to adequate employee group benefit plans.
Lawyers Financial offers individual insurance products that are completely portable; they stay with the planholder wherever he or she goes. Since CBIA is a not-for-profit organization, any surplus revenue earned is funnelled back into the programs. Also, the programs are offered to all lawyers across Canada, including their families and law firm staff.
There’s no need for membership in the Canadian Bar Association (CBA) to access the plans, although Kugler said that being a member has certain benefits. The CBIA currently has more than 30,000 lawyer clients across Canada; across the country, there are around 85,000 practicing lawyers in all.
Lawyers Financial currently has 10 insurance products and four investment products geared specifically toward lawyers. Other insurance products are planned for the year. The underlying insurers for the products include Manulife, Desjardins, and The Personal, with around 30 authorized independent advisors serving lawyer clients for insurance and investment products.
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The Canadian Bar Insurance Association (CBIA) has established a new trademark, Lawyers Financial, to provide high-quality insurance and investment products for the legal industry.
“Outside of major national law firms, there are thousands of lawyers across the country who don't have access to group insurance coverage for life insurance, critical illness, and disability insurance, as well as financial products such as group RRSPs and pension plans,” said CBIA President Henry Kugler.
According to a statement from the group, small and mid-sized law firms as well as sole practitioners have huge demands to deal with. Lawyers with such businesses are often unable to address their own needs; they’re the legal professionals least likely to have access to adequate employee group benefit plans.
Lawyers Financial offers individual insurance products that are completely portable; they stay with the planholder wherever he or she goes. Since CBIA is a not-for-profit organization, any surplus revenue earned is funnelled back into the programs. Also, the programs are offered to all lawyers across Canada, including their families and law firm staff.
There’s no need for membership in the Canadian Bar Association (CBA) to access the plans, although Kugler said that being a member has certain benefits. The CBIA currently has more than 30,000 lawyer clients across Canada; across the country, there are around 85,000 practicing lawyers in all.
Lawyers Financial currently has 10 insurance products and four investment products geared specifically toward lawyers. Other insurance products are planned for the year. The underlying insurers for the products include Manulife, Desjardins, and The Personal, with around 30 authorized independent advisors serving lawyer clients for insurance and investment products.
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