Available Only in North America
Pre-Paid Legal Services®, Inc. was one of the first companies in the United States organized solely to design, underwrite and
market legal expense plans. For a low monthly fee of $26 or less, the Company's legal expense plans (referred to as memberships) offer a variety
of legal services in a manner similar to medical reimbursement plans or HMOs.
The Company currently provides legal services to over 1.5 million families across the U.S. and Canada. Plan benefits are
delivered through a network of independent provider law firms. Members have direct, toll-free access to their provider law firm rather than
having to comb through a yellow-page style directory for a referral. Provider firms are carefully selected and the quality of service is closely
monitored to maintain the high standards of Pre-Paid Legal.
Costs:
One-time fee of $99.00, Membership additional
Location:
Ada, Oklahoma
Longevity:
Prepaid Legal is over thirty
years old (30).
Ownership:
Publicly owned Company; trading on the NYSE under the symbol
PPL
Pros:
- Longevity argues for continued strength and existence. Management is experienced enough to avoid
mistakes that might bring down the company.
- Company offers several legal services and identity theft products, many of which can be marketed like group
insurance. For those with either insurance or financial services backgrounds, or own an insurance agency, this can be an nteresting
addition.
- Product mix allows those not interested in recruitng to make a full time living just selling the service (group
sales).
- Even after thrity years, it is still possible to sell the product.
Cons:
- The product is excellent and priced right for those with solid middle class incomes. Not everyone buys into the notion of
paying a monthly fee for what is in effect legal insurance. However, like insurance, when it's available and saves a lot of time and money,
than its worth becomes abundantly clear.
- The second problem is related to the first, and that is membership cancellations. The company acknowledges that
retention needs to improve. The percentage of cancellations is estimated to be about 35%.
- The PPL product is a decent product; not perfect, but decent. It does exactly what it is designed to do, provide preventive legal
services. No more, no less. For some the product may not be what they need, particularly the discounted hourly rate.
- However there are many people making money selling the product and the opportunity.
Contact: