TORONTO, April 25, 2017 /CNW/ - Lawyers Financial is the simplified and updated go-to-market brand for high quality insurance and investment products, created specifically for the needs of lawyers, their families, and law firm staff across Canada. Lawyers Financial is a trade mark of The Canadian Bar Insurance Association (CBIA).
"Outside of major national law firms, there are thousands of lawyers across the country who don't have access to group insurance coverage for life insurance, critical illness, and disability insurance, as well as financial products such as group RRSPs and pension plans," says Henry Kugler President and CEO of CBIA.
For mid-sized and small law firms as well as solo practitioners, the demands of running a practice are huge. It is often a case of the 'cobbler's children' that lawyers don't look after their own needs first with adequate insurance coverage should the unthinkable happen.
"Our target markets are sole practitioners and lawyers from small- to mid-size firms because they are the least likely to have access to sufficient employee group benefit plans. And, all of our individual insurance products are completely portable, they stay with you wherever you go," says Kugler.
CBIA is a not-for-profit organization; any surpluses are funnelled back into programs. Programs are open to all lawyers across Canada, including their families and law firm staff – there is no membership requirement.
"However, membership in the Canadian Bar Association (CBA) has its benefits," says Mr. Kugler.
For RRSPs, account balances between $50,000 and $499,999 enjoy an investment management fee (IMF) reduction of 0.15%. Account balances of $500,000 or greater enjoy an IMF reduction of 0.25%. On top of these already significant savings, CBA members receive an additional discount of 0.40% off IMF fees.
Underlying insurers for Lawyers Financial products include Manulife, Desjardins, and The Personal. There is a network of about 30 Authorized Independent Advisors who serve lawyer clients for insurance and investment products.
"The time was right for a makeover. But our core values and benefits to our lawyer clients remain constant," says Mr. Kugler.
For decades, CBIA and CBA Financial Services (CBAF) operated as separate entities with separate websites and go-to-market strategies. [CBIA's roots go back to the 1950s; CBAF was formed in 2002.] In December 2016, the two entities were amalgamated into CBIA that continues to operate as a not-for-profit.
Currently, CBIA has more than 30,000 lawyer clients across Canada. There are about 85,000 practicing lawyers across the country.
Lawyers Financial offers 10 insurance products and four investment products specifically for lawyers; additional insurance products are planned for 2017.
SOURCE Canadian Bar Insurance Association (CBIA)
For further information: CBIA CONTACT: Dawn Marchand, Vice President, Marketing and Direct Distribution, Canadian Bar Insurance Association - CBIA, [email protected], Office: +1 (800) 267-2242, ext. 3523, Mobile: (647) 789-3523; MEDIA CONTACT: Jana Schilder, Co-founder, The Legal A Team, Legal Marketing, Business Development & PR, [email protected], Mobile: (416) 831-9154