A top law firm had a disability plan with a common problem. While the group disability benefit of $35,000 per month seemed like a good amount of coverage, it wasn’t replacing enough income for a partner on disability to maintain the lifestyle that their family may be accustomed to.
The firm sought to increase their disability benefits portfolio to better protect their partners, and in turn, better protect the firm.
Disability coverage situation
Concern for the partners and the firm:
Considering this shortfall in income is important. Many attorneys have taken on law school debt and worked long hours for years to make partner. Protecting their peak earning years is important for them and for their families.
For the firm, covering more of the partner’s income during a disability allows the firm to better support one of their own. Helping the family avoid financial hardship is the right thing to do for the partner and the firm. And, better coverage may be attractive to talent considering joining the firm.
Disability coverage with TWG
The Westport Group’s Solution:
TWG’s extensive experience working with law firms combined with their consultative approach allowed TWG to ask the right questions and get to know the firm in order to build a customized solution. TWG then provided a benchmarking study that empowered the firm to evaluate their best options.
TWG offered a new high-limit guaranteed standard-issue policy to provide the firm’s partners $50,000 per month of additional coverage (a combination of mandatory and voluntary benefit), in addition to the existing coverage already in place. This level of income replacement means peace of mind for the firm, the partners, and their families.
TWG’s increased protection in place
The firm implemented TWG’s proprietary Partner Income Assurance Plan (PIAP ) to increase their coverage. The solution was innovative and cost effective, and implementation was hassle-free.
More importantly, the firm can feel confident they have added a meaningful level of protection to their benefits portfolio that meets the needs of both the partners and the firm.