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Legal Insurance
Legal insurance provides access to attorneys for legal assistance, such as document drafting and review, as well as consultation or representation in court for many common legal matters.
Dealing with legal issues can be costly and overwhelming, and finding the right lawyer or team can be even more so. When legal issues arise, they are often sudden and unexpected, so it is critical to be prepared when they do. This is where having legal insurance can come in handy.
How does legal insurance work?
This type of insurance, also known as group legal or prepaid legal, is commonly included as part of a workplace benefits package. Employees can choose to participate in a legal plan in exchange for a set monthly or yearly fee (usually nominal) and access to experienced attorneys.
These strategies rely on a network of attorneys who have agreed to provide services as part of a contract with a company. If you use a network attorney, there are usually no bills, deductibles, or claims forms to fill out.
What is the scope of legal insurance?
Legal insurance frequently covers a wide range of legal issues, almost everything except workplace issues. A legal plan will likely come in handy during any of the situations listed below:
- Last will and testament, trust funds, and asset distribution.
- Relationship transitions – marriage, separation, divorce, and so on.
Family law issues include custody battles, adoption, child fostering, and so on. - Real estate – purchasing or selling a home, land disputes, and so on.
Minor legal infractions include traffic violations, civil cases, and property disputes, among other things. - Minor legal infractions, such as traffic violations, civil cases, and property disputes, among others.
- Consumer protection – false advertising, deceptive business practices, and so on.
- Bankruptcy – deciding which chapter to file, legal proceedings, asset protection, and so on.
- Personal security – identity theft, fraud, and so on.
- Contract law entails comprehending, interpreting, and identifying potential loopholes or blind spots.
- College expenses – security deposits, lease agreements, student loans, etc.
- Taking care of elderly parents – nursing home agreements, Medicare/Medicaid, hospital bills, and so on.
Is it worthwhile to purchase legal insurance?
Legal insurance plans can cost as little as $20 per month, or $240 per year, which is less than the $391 average hourly rate for lawyers in the United States (according to a survey of Law Firm Economics by the National Law Journal and ALM Legal Intelligence).
Even if you don’t anticipate any legal problems or the need for a lawyer, having some protection in case something goes wrong is invaluable. And keep in mind that not every legal issue involves an outright conflict sometimes it’s helpful to have a lawyer on your side to walk you through complex documents or agreements.
If your employer provides legal insurance as part of your employee benefits package, it could save you a lot of money and time.
Conclusion
Just as health insurance is designed to help offset the cost of costly out-of-pocket medical procedures, you can pay a reasonable monthly premium for legal insurance, typically around $20 per month, to gain access to a variety of legal services.
And, with three out of every four Americans experiencing at least one legal event per year2, it makes more sense than ever to provide people with a low-cost resource for resolving life’s legal issues.
If you’re wondering, “Is legal insurance worth it?” consider the monetary as well as emotional costs of being without a legal expert.
A legal plan can help you feel supported and prepared for what comes next, from situations you never thought you’d have to face, like divorce or bankruptcy, to more common legal matters, like marriage and buying or selling real estate.
SOURCE: MetLife Blog
