Case Study –Introducing Income Protection Early in a Barrister’s Career

The Situation

A barrister early in practice was introduced to our Private Client Insurance team through the mortgage desk.

The review considered the financial risks surrounding the client’s developing career and wider commitments, with particular focus on protecting income.

The Challenge

For a self-employed barrister, the ability to work is one of the most important financial assets. A period of illness or incapacity could have a material impact on earnings and the client’s ability to meet ongoing commitments. However, the appropriate level of protection could not be considered in isolation. The client’s budget, emergency savings and attitude to risk all needed to shape the recommendation.

The Solution

We discussed the available protection options and assessed how much financial risk the client was comfortable retaining personally. A policy was recommended that aligned with the client’s current income, emergency reserves, budget and protection priorities. The Henry Dannell Difference Protection requirements are unlikely to remain static throughout a professional career. For a barrister early in practice, the appropriate structure today may need to evolve as earnings, family circumstances and financial commitments change. The value in this case was in introducing the conversation early, putting suitable cover in place now and ensuring the protection position can continue to be reviewed as the client’s career develops. Protection policies are subject to eligibility, underwriting, exclusions and policy terms. Income protection benefits are subject to the specific terms and definitions of the policy.