It would be reckless for someone with debts and dependents not to have life insurance, says Dawn Marchand, vice-president of marketing and direct distribution for the Canadian Bar Insurance Association (CBIA).
"Unless you have no dependents and no debt, I think it's irresponsible not to have it," Marchand tells AdvocateDaily.com.
Since that describes almost no one, it means most lawyers should have life insurance. But it's not just to provide family members with some economic security, she says. It could also be used as a financial tool for the practice.
Lawyers Financial, the new brand of CBIA, offers personal terms and permanent life insurance products for the legal profession. It also offers other types of insurance and financial products exclusively to the legal community, Marchand says.
Everyone should talk to a financial advisor to determine which product is best for their unique situation, she says.
Calculating insurance needs is unique to the client, explains Marchand. Although a general rule of thumb is having life insurance based on seven-to-10 times one’s annual income, she urges people to use online life insurance calculators to determine how much is needed.