Unlocking the Potential of Legal Plans: Navigating Demographic Influences for Tailored Plans By John Allen, EOI Service Company Legal plans, often referred to as legal insurance or prepaid legal services, present an invaluable opportunity for employees to access legal services at a fraction of traditional legal costs. Covering a spectrum of legal issues—from consultations to document preparation and representation—these plans are gaining prominence in the voluntary benefits landscape. Understanding the demographic buying patterns of legal plans is crucial when tailoring plans and price points.
Industry Landscape Insights According to Eastbridge Consulting Group’s (Eastbridge) Large Case Market Report, the percentage of companies offering legal Insurance ranges from 38% - 44%, with the highest rate found in cases with 10,000 or more employees. Eastbridge’s report also shows legal insurance as one of the most commonly offered nontraditional voluntary benefits.
36-44%
Demographic Dynamics in Decision-Making Age and Life Stage Dynamics Age plays a significant role in the decision to purchase legal plans. Younger individuals, particularly those in their late teens to early thirties, often prioritize basic legal needs, such as rental agreements, employment contracts, or small claims issues. As people age and enter different life stages, such as marriage, home ownership, or starting a family, their legal needs become more complex. Consequently, they may seek legal plans that offer more comprehensive coverage to address their evolving legal needs. Income Levels and Socioeconomic Status Income levels and socioeconomic status strongly influence the decision to purchase legal plans. Higherincome individuals and families may opt for legal plans as a proactive approach to protect their wealth and assets. In contrast, middle and lower-income groups may prioritize legal plans to mitigate the financial burden associated with unexpected legal challenges. Offering flexible pricing options and payment plans can attract a broader range of customers.
the percentage of companies offering legal Insurance (Eastbridge)
