LawAssure Lets Advisors Capitalize on Rise in Legal Services as Employee Benefit
Troy, Michigan (07/07/2016) – Epoq North America has announced the launch of LawAssure for Brokers, a ground-breaking approach to legal services as an employee benefit. LawAssure is available to qualified group benefit brokers and advisors as well as to insurance carriers, third party administrators (TPAs) and others that support broker networks.
LawAssure’s low price point can help group benefits brokers and advisors address the rise in this type of benefit. According to the 2016 Employee Benefits Report from SHRM, the percentage of employers offering legal services has increased to 25% this year – up from 13% two decades ago.
New Type of Legal Benefit Can Fill Gap
“While employers have increased the use of legal services as an employee benefit, the vast majority haven’t added it because it’s been pretty expensive to do so until now,” noted Grahame Cohen, CEO Epoq, NA. “LawAssure gives brokers and advisors an inexpensive way to fill this gap with a new type of legal benefit.”
“Brokers and advisors see LawAssure as a way to create more competitive proposals; add value for their Clients and facilitate engagement with employee participants. Sponsoring LawAssure as a gift is also a great way to strengthen their relationships with Clients,” added Cohen.
Why Legal Service Benefits Matter
Most American households (70%)1 face a legal issue every year. Handling legal problems can be frustrating for employees – distracting them at work, lowering their productivity and negatively impacting an employer’s bottom line. Adding legal services to employee benefits plans make sense for businesses that want to help ease pressure on its employees and its bottom line.
How LawAssure is Different
Attorneys’ fees can quickly add up at $100-$500 per hour for employees who face legal issues prompted by divorce; the birth of a child; loss of a parent or spouse; a health crisis or a host of other situations. Traditional legal service benefits are less expensive, but they typically cost the employee $20 per month ($240 per year).