The Protection Landscape

With the majority of members of the Bar being self-employed, this puts you in the vulnerable position whereby you have no Employment Sick Pay or Statutory Sick Pay available to you. You are solely responsible for ensuring that should you be unable to work in the long-term, due to accident or illness, that you don’t suffer financial shock and have an alternative source of income available to you, to continue to meet your financial commitments. Yet the current position is bleak:

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What’s your ‘Plan B’?

When I have conversations around the need to put in place appropriate financial protection, the most common justifications I am met with, for not wanting to consider it further, are:

1. I will take my chances that it won’t happen to me

2. It’s too expensive

Whilst I would always encourage a positive outlook on life, I wouldn’t be looking out for my client’s best interests if I blissfully ignored the fact that whilst we don’t want to ever have to claim on a policy, something might happen to you, and it is better to have protection in place than be met with circumstances of regret and added stress. As far as cost, good levels of cover are reasonable, for example:

How does this compare to spending on non-essentials, whether it be streaming subscriptions, insuring our pets or our possessions? And if you are prepared to spend on those but not a protection policy, why do you place so little value on yourself by comparison.

More importantly, without having income protection in place, should something happen to you:

• Can you continue paying the bills and putting food on the table?
• Are you happy to accumulate savings you have worked hard for and then watch them deplete to cover these costs?
• Are you prepared to risk losing everything, because without cover you have to make those sorts of tough decisions?
• Does putting yourself in the above position give you peace of mind?

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Finding the right product

If the answer to any of the above questions is no, then now is the time to take steps to ensure you are putting in place the foundations of your financial plans and protecting your future. There are a range of different terms and providers available to choose from, and if you have a budget you need to stick to, that can be factored in.

What is important is the policy:

• Meets your needs and provides appropriate levels of cover You might have a plan in place already or Chambers might have a group protection plan in place which you are added to when you join – but are the terms suitable for you and without portability, does it restrict you?
• Is with a provider that recognises the intricacies of your role as a barrister – different providers take different approaches to aged debt, for example.
• Is reviewed to ensure it remains suitable throughout your career at the Bar, as your needs and circumstances evolve.

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