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Learn About Financial Safeguards with a Legal Protection Plan

Nov 5, 2019 | Legal Protection Plans, Sioux Falls Benefits

Financial wellness is more than just saving money for emergency expenses and retirement. Legal protection plans help bridge the gap between financial savings and financial protection by providing a proactive approach in protecting not only a participant’s legal rights but also their financial rights. 

Hiring a Lawyer Can Be Costly

With a legal protection plan, participants pay an affordable monthly subscription fee for access to legal services. LegalShield’s legal protection plan takes it one step further with 100% of matters handled in-network. We provide participants with direct access to a dedicated law firm, making receiving legal guidance easy and hassle-free.

Consumer finance matters are an extreme concern amongst consumers today; consumer finance matters continually rank in the top five legal needs for which LegalShield participants seek guidance. With a legal plan, participants can receive assistance on personal legal issues (think about problems like warranty disputes) which otherwise would have been a monetary loss on their end. Legal plans also can help with bankruptcies and other consumer finance issues.

The LegalShield plan provides legal services for Chapter 7 and Chapter 13 bankruptcies. Bankruptcies commonly arise when medical emergencies or illnesses suddenly occur in a family. Bankruptcy is among the top 20 legal matters that face LegalShield Members.

According to the LegalShield Law Index, the LegalShield Bankruptcy Index worsened by 3.9 points to 50.9 in Q1 — its highest level since mid-2015 — and is up now 10% from a year ago. However, the index remains muted overall, and bankruptcy filings fell to a post-recession low in Q1, an unsurprising combination given low unemployment and annual wage growth of 3% or more for 7 months. Given this steady trend, it is still a common need amongst our members.

LegalShield’s legal protection plan truly is a unique benefit in that it protects employees’ physical, mental and financial wellbeing while also empowering them.

About the LegalShield Law Index

The LegalShield Law Index is based on inquiries into specific legal services each quarter. To the best of our knowledge, there is no comparable data on the market. This proprietary index is based on data collected through LegalShield’s provider law firms in all 50 states, thereby offering information that is not accessible to the general public. It is based on intakes from LegalShield’s 1.6 million memberships (including individuals and small businesses), providing a window into the experiences of families and businesses across the country at any given point in time. For more information, visit here. This is a general overview of the legal plan coverage available from LegalShield for illustration purposes only. See a plan contract for specific state of residence for complete terms, coverage, amounts and conditions.

Risty Benefits of Sioux Falls is a proud provider of LegalShield. To learn more, call 605.338.1489, email contact us or visit

Source: “Learn About Financial Safeguards with a Legal Protection Plan,” LegalShield

May 2024