Life Stages

Our needs and priorities change at various stages of our lives. You could be planning for your marriage or your retirement, or you could be purchasing your first home, or equipment and supplies for your own business. Maybe you have just made partner or opened your own law office. Or perhaps you are at the stage in your life—sometimes right out of law school and sometimes quite a bit later—where creating a charitable legacy is a top concern.

Wherever you are in your life, ABE-sponsored plans can help. Our members turn to us at every life stage to help protect them, their families and their firms with insurance and charitable plans that are developed "by lawyers for lawyers". You may be at one of these critical stages. If so, here are suggestions for the kind of protection you need:

Marriage—group term life insurance can be a comfort when you are taking on a new life partner. Our term premiums are competitive and can help provide the strong protection you want for your spouse and family. You also want to be sure to add your new partner to your group term life certificate. Disability income insurance is also a consideration in the event you are unable to work for a length of time due to illness or injury.
Buying a Home—group term life insurance is a good option to help cover your mortgage payments in the event of your death. The last thing you want your family to worry about is the roof over their heads.
Having a Baby—many new parents ask themselves if they have enough group life insurance and disability insurance to cover their growing family's needs.
Opening a Law Office—congratulations on your success. As a new business owner, you'll be concerned about meeting your office overhead needs if you become totally disabled or cannot work for a period of time. With the new responsibilities of a practice, also comes a need to review group life and disability insurance coverages.
Taking a New Job—Learn about the insurance coverage your new employer provides. It's time to determine if you have sufficient protection or perhaps need to add supplemental coverage such as excess major medical, group life or disability insurance. Many ABA members also consider adding group hospital insurance coverage or group accidental death and dismemberment. Keep in mind, when you purchase your insurance from the ABE, your coverage is portable and can go with you from firm to firm, subject to each Plan¹s termination provisions.
Making Partner—this is another arbiter of your success. With partner status also comes new compensation and often more responsibility for providing your own insurance coverage. It's time to investigate your group life insurance coverage as well as disability, excess major medical, group hospital insurance and group accidental death and dismemberment.
Mid-Career Planning—many ABA members take the time at mid-career to assess the totality of their insurance coverage and make decisions about its adequacy. Have your family needs grown or changed? Have your children already finished college? Maybe it's time to upgrade or decrease your group term life, disability and other insurance coverages. Started a charitable giving plan? Look to a donor-advised fund for a simple way to support the charities you care about most and get the largest tax deduction available in philanthropy.
Retirement—now is the time to enjoy all that you have built and accomplished. If you are approaching 65 or have reached that milestone, many ABA members look to supplement their existing coverage with ABE's group hospital indemnity plan or excess major medical plans. If you haven't done so yet, this is also an excellent time to look at establishing a donor-advised fund account to manage your charitable giving.