Do lawyers need life insurance?

While not mandatory, life insurance can provide financial protection for your family, cover debts, and help manage estate or business obligations if something unexpected happens.

Will being a lawyer affect my life insurance premiums?

Yes, but generally legal professionals are seen as lower-risk compared to trades or manual occupations. Premiums will also depend on age, health, and whether you work in private practice, corporate, or government roles.

Is income protection important for solicitors and barristers?

Yes. Many lawyers and barristers are self-employed or run private practices. Income protection can provide a regular benefit if you’re unable to work due to illness or injury.

Is default cover in my super enough as a lawyer?

Default cover through superannuation is often limited and may not meet the needs of legal professionals with higher incomes or significant financial obligations. Many lawyers choose additional cover outside super.

Life Insurance for Lawyers, Solicitors & Barristers in Australia

Q: Are life insurance premiums tax-deductible for lawyers?

Generally, income protection insurance premiums may be tax-deductible. Premiums for life, trauma, and TPD insurance usually are not. It's best to seek advice from a tax professional.

As a legal professional, you spend your days advising, arguing, and advocating — but how well protected is your own financial future? Whether you’re a barrister, solicitor, or working in corporate law, it pays to consider how life insurance could support you and those who depend on you if the unexpected happens.

At Covermate Life, we work with multiple insurers (AIA, MLC, TAL, Zurich, MetLife, OnePath, ClearView) to help legal professionals compare and find cover that’s suited to the demands and risks of your profession. This page provides general advice only and aims to outline the factors legal professionals should consider when looking at life insurance.

Why Lawyers Need Life Insurance

Being a lawyer involves more than mental effort — long hours, high stakes, reputational risk, and sometimes income irregularities (especially if you run your own practice or take on briefs). Key reasons why life insurance may be important:

Financial responsibilities such as mortgages, family expenses, student loans, and maintaining a standard of living.
Income replacement in case illness, injury, or incapacity prevents you from practising — whether being in chambers, private practice, or employed.
Protection of business obligations, especially if you’ve guaranteed rent, loans, or share costs in a firm.
Ensuring your dependents are supported, especially with the risk of lost income or future earning potential.

Types of Cover to Consider

Life Insurance (Lump Sum): Provides a payout to your nominated beneficiaries if you pass away, helping with financial stability.
TPD (Total & Permanent Disability) Cover: Offers a lump sum if you become permanently disabled and unable to work in your profession.
Income Protection Insurance: Replaces a portion of your income if illness, injury, or incapacity prevents you from working.
Trauma / Critical Illness Cover: Pays a benefit upon diagnosis of severe medical conditions such as cancer, stroke, or heart attack.

Benefits of Using a Broker

As a legal professional, you may already have certain cover through your super or through your employer. But those are often not enough to match your actual needs. A broker like Covermate Life helps by:

Comparing policy features and premiums across multiple lead insurers.
Highlighting differences in income protection waiting periods, benefit limits, and policy definitions.
Helping clarify what you can get inside super vs outside super.
Ensuring your cover aligns with your professional risk profile and financial commitments.

FAQ

Q: Will being a lawyer affect my premiums?
A: Yes — but generally not as much as manual or high-risk trades. Insurers will consider factors like age, health, and whether you are employed, self-employed, or doing private practice work.

Q: Can barristers or solicitors with part-time or irregular income get income protection?
A: Yes. Insurers often take into account historical income (e.g. tax returns, averages of past income) when assessing eligibility and benefit levels.

Q: Is default insurance in my super enough?
A: It may be a start, but often the default levels of cover in super are limited. Many legal professionals choose additional cover outside super to match their personal and family needs.

Q: Are premiums tax deductible?
A: Generally, income protection premiums may be tax deductible. Premiums for life, trauma, and TPD insurance usually are not. You should check with your tax adviser.

General Advice Only

The information on this page is general in nature and does not account for your personal objectives, financial situation, or needs. Before making any decisions about life insurance, consider whether it’s appropriate for you and obtain personal advice.

Next Steps

If you’re a barrister, solicitor, or other legal professional looking to review or compare your life insurance cover, our team at Covermate Life is here to help you explore options across leading insurers.

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