by Elizabeth B Lyall

What does financial security mean to you? If you ask a hundred people that question, you will get a hundred different answers. That is because financial security is not a one-size fits all proposition. What it means to you depends on so many factors. How old are you? Are you married? Any children? Any savings? Big mortgage? How’s your health?

One thing you are likely to discover when you start to consider the question of financial security is that the key to your financial future is your ability to continue to earn your living as a lawyer. Any interruption in your income will quickly impact your family, lifestyle, savings and business. Whether you are a sole practitioner or a senior partner in a large firm, your income is the key to your present and future prosperity.

No one likes to think about having careers or financial plans abruptly derailed. But it can happen. The Canadian Heart and Stroke Foundation reports, for example, that 300,000 Canadians live with the effects of a stroke and that 80 per cent of Canadians between the ages of 20 and 59 have at least one identified risk factor associated with cardiovascular disease.

And while continual medical advances mean that Canadians will enjoy improved survival rates for heart attacks and other illnesses and injuries, it also means that we face greater costs associated with recovery.

No matter what stage of your life or career you are at, you have fixed expenses that will still be there even if you are unable to work. Perhaps you have a mortgage or a car loan. If you have your own practice, you must meet the costs of maintaining that practice even if you are unable to work. Your office lease, staff salaries and other costs will continue while you are off work and unable to generate your normal income.

So whether you are looking to protect your income, your family’s future or your business, as a fellow lawyer, I urge you to protect your financial future by calling your Canadian Bar Insurance Association (CBIA) authorized representative: Mass and Company at 604-688-8790 in the Vancouver area, or toll-free at 1-888-477-5630 from elsewhere in British Columbia.

The CBIA works closely with the CBA to help members protect their financial futures. Our Board of Directors, comprised of 24 lawyers from across Canada, oversees CBIA operations to ensure that every product we offer is in the best interest of members. As a result, the CBIA has grown to more than 25,000 policyholders and is one of Canada’s strongest and most trusted insurance associations. Call 1-800-267-2242 or visit www.barinsurance.com for more information.

Elizabeth B. Lyall, Partner, Fasken Martineau DuMoulin LLP & Vice-President and Treasurer, The Canadian Bar Insurance Association

This article was published in the February 2006 issue of BarTalk and is subject to the copyright by the British Columbia Branch of the Canadian Bar Association, 2006, all rights reserved.