Legal Plan Question

[cornerstonelega]

If any of you have some time, I could use some help.

I read here the posts on Prepaid Legal, and realize I’m already starting off behind the 8 ball but back around 10 months ago a business owner I’d done work for asked me to start up a legal plan for his employees.

I'd like to market it to the public in general, but I'm not sure the best way to sell it.

In my estimation, the best people for the job would be insurance agents, but I’m not sure what you as agents are looking for in a product to sell, what kind of commission you’d like to receive, what kind of support you need. I’m not a salesman, just a dumb lawyer.

If anyone has any thoughts or advice, I’d appreciate it.

 

[Cornelius]

Pre-Paid Legal is now LegalShield. The family memberships can be marketed as a group benefit to business owners. There also are small business plans that can be offered to small business owners.

As you are an Attorney already just do a survey of people you know and ask them if they have an up to date Estate plan? If they say no, then offer a LegalShield membership.

LegalShield does require associates attend a group school to offer memberships as a group benefit and in many instances there are ways to train with another associate when opening up a group account.

Feel free to contact me if you have any other questions. If by chance you were speaking of starting you own plan something to consider is LS already has a great system in place for Ins. agents already. They have the products and support that is a turnkey operation.

Just as a point of inof. one thng you may run into with LegalShield and offering it to some Ins. and other professionals is all they think about is MLM and most have not ever read the membership contract to know exactly what the membership entails. Now that's just something I have run across when speaking with some people.

What people tend to over look is the potential residual income (book business) that can be passed to a spouse or whomever at death.

 

[cornerstonelega]

Actually Cornelius, the plan is already up and running. I did it after reviewing legal shield's plan with them and they didn't like what it offered, so we designed our plan for what the employees wanted.

I'm really looking for independent insurance agents to tell me what they would like to see in a legal plan to make it marketable to their clients, and what kind of commission structure they'd like to see.

 

[Cornelius]

Not by a long shot. LegalShield is about to do a nationwide marketing campaign. Just from a basics stand point people do need to consider their Will, Living Will and Powers Of Attorney, not to mention having the ability to just speak with an Attorney when they have a legal question..

Give me a contact email address and I will email a sample standard membership contract. LegalSheild is kind of like an insurance plan as it's something that needs to be sold because most peopl have no clue the plans exist and if they do most so many may not understand how and when to use the memberships.

Also as a plus is there's no underwriting for the plans and there is the option of daily pay of commissions by direct deposit.

 

[GeminiGroup]

:" LegalShield is about to do a nationwide marketing campaign."

How many times have associates heard that line
"ABOUT TO"...
just around the corner
it's coming up NEXT:

Remember:
The LAST 'Nationwide marketing campaign' on CourTv/ Tru tv
The 'Blast Off' of Blast Off
....well those didn't quite work as planned.

MidOcean has been in charge, going on 2 years in January still waiting for that major facelift and nationwide marketing campaign to change it all.
​

 

[Cornelius]

National marketing or not there's still a need for the service. How many people at the very least should consider a Will, Living Will and Powers Of Attorney?

How many people at any given time have legal questions or in the insurance world question on beneficiary desiginations especially when there's blended families involved? Documents reviewed before signing, IMO the membership does have value especially when considering the monthly membership fee.

Many needs analysis ask if the person at the very least has a Will so a LS membership is just another option. Be it national, local or face to face marketing it's still quite simple. Sell a membership and get paid a commission. Is there a needd for the service?

Depending on the state the standard family plan membership is only $17.00 a month.. That can be less than a pizza night or the monthly amount put into a veneing machine at work for many people.

 

[GeminiGroup]

Cornelius.....
You're preaching to the choir.....I think the SERVICE and the concept of the product is OUTSTANDING.

Ever since the first time I saw it years ago as a young man...
GoSmallBiz is great
Charlie and Lisa are great and so is their Advance Biz Class
Tracy B. former Ms Black California and Ms America 2011
Jeff Olsen is great (I know he left the company..but still)

The PROBLEM is Americans are NOT that keen on the idea, that was true 20 years ago when first saw it in college and it's true now. They just don't value it until there is a problem a lot like Dental IMO....

Both Dental and Legal are cheap and SHOULD BE no brainers BUT the public doesn't value either until absolutely necessary...other than that the 'sales process' that clients put you thru isn't worth the EFFORT of a sales professional.
I've tried time and again to justify selling PP (or L/S now) but I can't rebuttals for that kind of money, when I can re-direct those dollars into another product that pays me more and the client is MORE willing to TALK ABOUT.

Now don't get me wrong, i think the client should have it but like many agents feel about Dental it's GOTTA be a quick take it or leave it deal...
I can NOT waste a lot of time pulling teeth over a cheap product that they should get post-haste....it's like me "debating" my teenage Son about taking a daily bath..I just can't have a STUPID conversation over what should be a blink of an eye 'yes'......too much work for a $17/mo product.

The numbers prove that the client/membership base as only held about steady for years with no real growth outside of bus-opp folks buying plans to become reps....

the only 5% penetration rate of America has been the same mantra for 20 years...at some point you have realize 25% ain't gonna happen but a few hundred thousand new reps will stop the bleeding redistribute some wealth and make Dave, Brian and Darnell ok....

Good Luck to the 'other' reps but again the product is fine....just like I'm sure AFLAC is a great product but as far as the bus-opp for reps maybe not so much....

 

[cornerstonelega]

GeminiGroup-

Would a different commission structure be more appealing to you?

Say the plan costs $300/year. If you're paid $100 on the sale per each member, would that be more enticing?

The intent we have is to have the attorneys meet the clients in the agent's office to complete estate planning, health care planning and buy sell agreements (all potential lead ins for sales for the agents as I understand it). I was hoping that would provide incentive, but I'd like your feedback.

 

[GeminiGroup]

GeminiGroup-

Would a different commission structure be more appealing to you?

Say the plan costs $300/year. If you're paid $100 on the sale per each member, would that be more enticing?

The intent we have is to have the attorneys meet the clients in the agent's office to complete estate planning, health care planning and buy sell agreements (all potential lead ins for sales for the agents as I understand it). I was hoping that would provide incentive, but I'd like your feedback.

Commission structure has nothing to do with it.
I fancy myself more of a marketer than anything else and folks just aren't as willing to 'talk' or respond to the 'legal plan' carrot at a large enough clip to pay specific attention to it.

I know PPL guys will disagree but 'selling' plans by 'selling the dream' of getting rich selling plans isn't the same thing as selling plans.....
i.e. People 'buy' Life Insurance they don't generally buy it to get 'qualified' to sell it to others (Big difference).

The issue isn't the POLICY it's the PUBLIC....
They just don't see the VALUE and as fishermen we have bait our hooks with what the fish have shown us (with their actions, not their words) their willing to 'bite' on and legal ain't it.

Not at a the 'expense' of an agents TIME that could be spent elsewhere....now a bus driver or sales clerk from Wal-Mart doing 'the business' part-time maybe a different story but IMHO a professional would be better served to find better bait.

I say so with a heavy heart, cause as I mentioned earlier more people should have legal coverage, especially as cheap as it is, however since I don't run a charity I need to focus on the 'shiny' items that fish bite on.

Ex. The American public should eat healthy and married men should go home and help their kids with homework but......
the reality is triple cheese burgers, curly fries and lap dances at the titty bar are 'shiny' and the wheat grass sandwich shop closes earlier than strip club and the 24hr drive thru for a reason......
Where would you invest your money if your GOAL was a return on you're money......just sayin'

 

[billberry12]

GeminiGroup,

I have to say that I am in total agreement with you. I am amazed at the time some people will spend to make a $100. It takes much less time to make a $1000 if you have the right product, and know what you are doing. I don't think any insurance agent worth his salt will ever spend time selling any type of prepaid legal plan for $100.

My 2 cents.