Prepaid Legal Services

Dave says it's better to self-insure by having an emergency fund, instead of using a prepaid legal service.

QUESTION: Chad asks Dave what prepaid legal services are, and if Dave recommends them. Dave does lots of one, and not a lot of the other.

ANSWER: Prepaid legal is basically lawyer insurance program. You pay $25 or so a month and if you have need for a lawyer, one is furnished to you. That’s $300 a year. I don’t advise that because you are better off to self-insure your need for a lawyer. The reason being, on the average of 10 years, most people don’t spend $3,000 on attorney fees. We know this because if people did spend more than that, prepaid legal would be losing money. Self-insure by having an emergency fund.

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Reach Your Money Goals

Reach Your Money Goals

Start with a budget. Join the millions already budgeting with EveryDollar!

Create My (FREE) Budget

Thank You!

Your 8-Day Jump Start is on its way to !