Prepaid Legal Plans resources including articles and videos to help you better understand prepaid legal plans.
Prepaid Legal Plans
By Bob Sherman
Prepaid legal plans typically provide some services that are fully covered as well as services that are covered in part. Just like medical insurance, you may have a zero deductible for some services and a co-pay for other services. Prepaid legal plans operate in the same way to protect your "legal health".
Prepaid legal plans come in basically two varieties:
- Individual or family plans
- Group plans
Most people visiting this site are probably interested in the individual or family plans, so I will limit the discussion to that type of plan.
Nearly all the prepaid legal family plans include telephone consultations with your attorney. This is probably the most used aspect of these plans. Many people are confused about what their rights are in this legally complex society. A brief discussion with your attorney can help you understand what your legal rights and responsibilities are in a specific situation, explain your options, and recommend a course of action.
For many people, this ability to talk with your attorney about legal questions is an important advantage. Just consider the number of times you wanted to know your rights in various situations. If you didn't have anyone to call, you may simply have yielded to someone else's claims.
Most plans also cover the review of simple documents like deeds and mortgages or other contracts, the preparation of a simple will and codicils, preparation of promissory notes, financial powers of attorney, and the writing of short letters or phone calls on your behalf by the attorney.
Some plans provide limited services for more complex legal matters like trials, IRS audits, bankruptcy, marital problems, and real estate matters. Some cover representation for traffic violations which could cost you $400 to $900 without a prepaid legal plan. If you are thinking of getting married and want a prenuptial agreement you could expect to pay $1000 to $4000 without a prepaid legal plan. And a simple tenant landlord dispute could set you back $500 to $1400.
Coverage for matters such as these could well pay the annual premiums for a number of years.
Some companies offer several levels of plans, like a basic plan and a premium plan The premium plans provide increased levels of protection at a slightly higher cost.
Some providers also provide riders or optional coverage that would be valuable to some people. An example of a rider would be coverage for a home based business. If you are conducting a business you are at increased risk of legal problems because you work with the public. And, in today's complex legal environment, anyone can sue anyone else. So, added protection for a business person may be required.
Prepaid legal plans can help you feel secure in our complex world and can save you a great deal of money when you need legal assistance.
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