SOURCE: Holleman Companies

January 25, 2010 10:00 ET

Disability Insurance for Lawyers -- Holleman Companies' Golleher Tells How Firms Can Help Lawyers Get the Best Deal in Legal Management Magazine Article

Sponsoring an Insurance Plan Boosts Coverage at No Cost to Firm

CHEVY CHASE, MD--(Marketwire - January 25, 2010) - Law firms can boost their employee benefits at little or no cost to the firm by sponsoring insurance plans that the lawyers and other employees pay for themselves, Connie Golleher, chief operating officer of The Holleman Companies in Chevy Chase, Md., writes in Legal Management magazine.

The most valuable asset a lawyer has is the ability to practice and earn an income, so ample disability insurance is crucial. But group long-term disability (LTD) insurance is just the starting point for income protection for lawyers, Golleher writes in the January/February 2010 issue of Legal Management, published by the Association of Legal Administrators.

No group LTD plan alone can provide the full solution for highly paid lawyers. It takes a combination of group LTD plus individual disability policies to provide full coverage, and the best way to secure these policies is through an employer-sponsored plan, she writes.

Lawyers can buy disability policies independently, but buying them on one's own is difficult because getting insured requires a medical exam, lab work, answering many medical history questions, and financial justification and verification.

Law firms can help lawyers get a better deal by sponsoring individual disability policies. Sponsoring means that the employer endorses the plan, lets its employees know about the opportunity, provides meeting space, and agrees to have the premiums for the coverage payroll-deducted. In return, the insurance company provides a better deal.

The article gives tips on how a law firm should work with an agent to get maximum benefit from a sponsored plan.

"Crafting a comprehensive disability income-protection plan for lawyers takes planning and thought," Golleher concludes. "But the market today is more favorable than ever. By choosing the right combination of group and individual policies, your firm can get the most cost-effective, attractive plan."

The full article can be read at http://www.alanet.org/publications/legalmgmtissue.aspx.

The Holleman Companies (www.hollemanco.com) is an insurance-advisory firm in Chevy Chase, Md. Golleher can be reached at connie@hollemanco.com or 301-656-8689 ext. 305.

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