Prepaid Legal Review: Insurance for Legal Services
A pioneer in the prepaid legal service plans industry, Prepaid Legal Services Inc. is one of the very first prepaid legal service plan provider in the United States of America and among those that have made the popularity of the service widespread. An industry that has earned the support of the US National Association of Attorneys General and the American Bar Association, prepaid legal service plans are very similar to medical and auto insurance plans which offers a coverage for unforeseen events where costly legal services may be required.
Pre-Paid Legal Review
Established in 1972, Prepaid Legal Services Inc. was among the few companies that designed and underwritten legal expense plans. Although the service has already existed in Europe in the start of the 1900s, it wasn’t until the period where Prepaid Legal started when it gained a foothold in the American society. Due to the rising costs of legal services and the need for such services in almost all aspects in our lives, the popularity of prepaid legal service plans quickly grew and this can also be credited to the employment of multi-level marketing strategies to introduce the service to the people.
Prepaid Legal was founded by Harland C. Stonecipher, an insurance salesman, the idea for the business started when he found that a lawsuit filed against him after a motor vehicle accident nearly ate away all his funding. Learning about the prepaid legal services in Europe, he studied the structure of the industry thoroughly and went on to create the Sportsman’s Motor Club, which eventually became the Prepaid Legal Services, Inc. For its first decade of operation, Prepaid Legal utilized traditional means of marketing the plans they were offering attaining sales of 4 million dollars. Following the advice of a friend, Harland adopted the multi-level marketing business structure to promote their plans and this resulted to doubling their output in barely two years. And because of this level of success, Prepaid Legal now only utilizes network marketing to sell their plans.
Today, Prepaid Legal has a network of more than fifty law firms from both the US and Canada providing the legal services that subscribers or members of Prepaid Legal requires. Ranked by Forbes Magazine as the 78th best company among the top 100 companies in America in 2010, Prepaid Legal has gone back to being a privately held company with their merger with other companies as spearheaded by MidOcean partners, a private equity firm known for leveraged buyouts.
Pre-Paid Legal Products
Like most prepaid legal plans, the service plans of Prepaid Legal provides it members low cost access to legal services not only in legal litigations, but also in many common situations where legal counsel would prove to be needed. This can include the purchase of a property, the creation of a will, drafting of a contract, seeking legal advice, and others where expertise in law would help greatly. Prepaid Legal designed their plans to be highly affordable requiring a low monthly fee from their members, the company also offers their plans to companies to act as additional benefit to their employees and makes payments easier by deducting the fees from their salary. Aside from their service plans, Prepaid Legal also offers monitoring and restoration services in identity theft collaborating with risk consulting company Kroll Inc.
Pre-Paid Legal Compensation Plan
As a multi-level marketing company, members of Prepaid Legal can also have the opportunity to earn money by selling memberships to other people. It employs a typical MLM structure where members can build large downlines and have the opportunity to build for himself residual income. The compensation plan of Prepaid Legal provides several ways to earn commissions as well as bonuses. One of their more notable methods is the next day pay where commissions are directly deposited to a members account within 24 hours. The amount that a member may receive will depend on the length of the plan’s term and the size of the plan. You must note though that if a plan is terminated within a pre-determined period of time from the start of the agreement, the commission may be recovered by the company from the member. Prepaid Legal has more than 1.5 million members to date and this has led to revenues reaching more than half a billion dollars.
Is There A Pre-Paid Legal Scam?
No, not in the least. This is a reputable company with a long history of providing great service.
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