Pre-Paid Legal review
Pros and Cons- Pre-Paid Legal, as the name suggests is a company that allows you to pay a monthly fee in view that should you ever need legal assistance, the costs to you will be manageable, kind of like paying health care insurance, should you get sick. Pre -Paid Legal is a publicly traded company in the New York Stock Exchange and has been providing legal service plans for over 30 years. For a mere $26.00 per month or a one time payment of $312.00 / month, you get coverage should you need to see a lawyer about:
i) unlimited free phone consultation
ii) Contract and Document Review
iii) Wills for You and Your Family
iv) minor traffic expenses
v) Major Legal Expenses
vi) IRS Audit Legal Services
vii) Damage recovery service
viii) Personal injury legal expenses, and much much more.
A friend of mine once approached me and tried to recruit me into this program. I do not remember now, why I didn’t jump in right away, I am a bona fide serial MLMer. Every program looks so good on paper, but none looks more legit than Pre-Paid Legal. Afterall, it deals with the law right? And on top of it all, it is traded on the New York Stock Exchange (NYSE) Could it really be a scam? No way. I looked, but I was up to my eyeballs in MLMs, so I stayed on the side, thinking, if my friend does well in it, I would drop one of my programs that wasn’t doing too well, and get on board in six months. She dropped out before the six months were up.
She just couldn’t find enough people to join. Still, it’s associates, tout it as the easiest program to sell, afterall, we live in a very litigious world, where someone can decide to take you to court for the smallest thing, and quite without warning, you need a lawyer.
To become an associate, you pay a $36 membership fee. Then you must pay $26 a month to keep the membership alive. You also pay a $249 franchise fee, and in the state of Texas you must also pay $150 application fee to test for an insurance license. Like any other MLM, there are extra monthly expenses such as training, marketing tools and materials, books, tapes, pamphlets, cassettes and cards.
All this would not phase me if I truly believed that a program delivered on it’s promise, that if you worked the system correctly, you would realize financial freedom at some point.
In my research for this review, There were as many happy associates as there were unhappy ones who were only too quick to scream SCAM!!!!!!!!!!! I am not familiar with this type pay plan, but what I did find out was, commissions are paid daily, which is a VERY good thing, but if the client cancels, you have to pay the company back the commissions they had paid you.
Now, that would not work for me. Maybe other pay plans are structured like that, I just never came across any. That, I found, was a major source of dissatisfaction amongst the unhappy lot. This thing called “charge backs.” Like most other successful companies, Pre-Paid Legal has had it’s share of legal troubles, but that in itself does not go towards casting it off as a not so good business venture. The bottom line is, can one make money as a pre-paid legal associate? Some people have done quite well with it, others have failed miserably.
I think that one must identify their strengths and see if they are a match with whatever needs to be done in order to achieve success. An account from one of it’s ex-associates was the clincher for me when it came to deciding on my recommendation. Read it for yourself.
For Turnipseed, selling Pre-Paid policies was never a problem. He could walk into a company, sign up a crowd and do it consistently enough to rank among Pre-Paid’s top salesmen. He recruited almost no one, relying entirely on his own sales for handsome commission checks. even Turnipseed couldn’t overcome Pre-Paid’s dismal customer retention rate — roughly half the people who get a policy don’t renew after one year. He found himself repaying Pre-Paid for the commissions he’d already collected on policies that wound up lapsing early. And his checks began to shrink. The more policies Turnipseed sold, the more customers canceled early, and the more money he had to return to the company.
“I have spent more than two years talking to scores and scores — if not hundreds — of Pre-Paid associates and studying the Pre-Paid scheme,” said John Dexter, an Oklahoma City attorney who’s filed a class-action lawsuit against Pre-Paid on behalf of Turnipseed and other top earners. “And I have found there is no difference between the honest and successful Pre-Paid associate and the immigrant laborer who goes into debt to the company store.” Source
Recommended? Know your capabilities and marketing skills. If you can pull it off, then it might work for you, if not, leave it well alone. Those charge backs alone would destroy you, dipping you into debt. You would be going in the wrong direction as far as financial freedom goes.
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