Can You Really Save Money With a Prepaid Legal Plan?

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Most people, if asked, would probably say that they hope never to need the services of an attorney.  In fact, there are many routine life events in which you may need to hire an attorney. Some states require attorneys to handle real estate closings, for example. Most people will need a will at some point in their lives. You may hire an attorney to help start a business, negotiate a lease, or prepare a promissory note. Since even these routine tasks can be expensive, you may have considered a prepaid legal plan. For as little as $100 per year, prepaid legal plans advertise a list of covered services that could save you a lot of money.

Before purchasing a prepaid legal plan, however, there are some factors to consider:

  1. The area of coverage. Prepaid legal plans apply to attorneys within their network. If you are looking for an attorney in Niagara Falls, for example, you will want to make sure that the plan’s network includes attorneys close to you.
  2. The type of services you may need. If you have one or more teenage drivers in your home, or if you are in the habit of rushing from place to place, you may anticipate needing the services of an attorney for traffic infractions. Make sure that the network includes attorneys whose practice includes traffic or criminal cases before you sign up for a prepaid plan.
  3. The extent of coverage. Many prepaid legal plans cover only one or two consultations. Since many attorneys, especially in the personal injury field, offer free consultations, your prepaid plan may not really save you anything. For example, you can click here to see an example of a firm that offers free consultations.
  4. Whether your needs fall within the plan’ limits. Prepaid plans usually cover only basic services, so you will probably have to pay more if you require something more complex. A prepaid plan, for example, may cover a simple will, but if you intend to set up a trust or guardianship for your children, you will probably have to pay extra. More expensive plans will cover more, but you will need to balance the cost of the plan against your anticipated need to determine whether the plan will actually save you money.

Some prepaid legal plans offer discounts for legal services from in-network attorneys. If you do some checking with local law firms, such as Boston construction site accident attorney,  you may find that other attorneys charge similar rates.

The Bottom Line

As you should with any purchase do some homework before signing up for a pre-paid legal plan. Check the company’s online reviews and see if you can find any feedback from previous customers. Know your needs and the average cost of the services you are looking for so you can make an informed decision.

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