Legal Coverage Market Update By Heather & Trevor Garbers We are seeing legal coverage trending in the marketplace this year and becoming a key solution in assisting employees from a financial and mental wellbeing perspective. It is not typically a benefit that employees think they need, until they learn about all that it can do. From helping them put together their will, trust, power of attorney, to assisting with traffic tickets, disputes with contractors, debt management, family law matters, and more, the services provided by legal coverage can provide necessary support to employees throughout the year. So what is all this buzz about Legal coverage really about? Loi Stoddard, Vice President, at MetLife Legal Plans, Tim Weber Vice President, Group Sales and Client Management at ARAG, and Emily B. Rose, President, LegalShield Business Solutions Division, are here to share some key trends they are seeing in the marketplace. What is trending when it comes to legal coverage today? Emily - The workforce is changing, and smart companies are evolving their benefits packages to match. Employers are moving beyond only providing basic legal services to approaches prioritizing education, prevention, and the connection between legal issues and mental health. Resources like legal training and financial counseling align toward proactive wellness and financial stability programming. Customization is also critical - modern legal benefits packages offer specialized support tailored to the diverse needs of today's workforce.
There is also emphasis being put on the financial wellness component of these plans as many employees face financial challenges related to legal issues, such as: debt management, bankruptcy, or housing disputes. Loi - Employers are looking for protection for diverse generations currently sharing the workforce. Now, more than ever, employers are focused on the employee experience and broad types of coverage. For employees, we are seeing several trends including: a) the desire to connect with culturally competent attorneys, b) broader coverage options, including tax preparation and caregiving, c) technology-based solutions to address simpler needs and d) creating a range of channels to meet the need of today’s omnichannel world. MetLife Legal Plans’ recently released findings from its Legal Access study, where we surveyed over 5,000 full and part time employees regarding their access to legal resources. We learned that 67% of Americans faced a legal issue in the last 5 years, but only 7% had access to an attorney. Tim - Many people think about legal insurance in the context of estate planning, divorce and help with the occasional speeding ticket. However, the legal issues employees are dealing with have evolved dramatically in the last few years – driven by the pandemic, inflation, supply chain challenges, virtual work environments, a tight housing market and worsening economic conditions.
