Insurance against expensive lawyers, is there such a product?

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BogleMelon
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Insurance against expensive lawyers, is there such a product?

Post by BogleMelon » Sun Sep 08, 2019 12:42 pm

There is an insurance for almost everything.
Huge amount of personal liability > Umbrella insurance, A physician who screw up and cause irreversible damage for a patient > Malpractice insurance, and so on.
I was thinking, what if someone got falsely accused or framed in a crime somehow. He would need a good lawyer to prove his innocence. I can assume that depends on how complicated his case is, it could means tens of thousands of dollars. Is there any insurance/memberships out there that protects against that?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

123
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Re: Insurance against expensive lawyers, is there such a product?

Post by 123 » Sun Sep 08, 2019 12:52 pm

You can google "insurance for criminal defense" (without quotes) to explore the commercial options. The difficulty with criminal defense insurance is that the county/state/federal government that initiates the criminal proceeding may have substantial resources to proceed with. If it's a standard boilerplate crime, i.e. DUI, there are likely local lawyers that offer a package price. Jail and imprisonment are not attractive options for most folks so the legal profession often exploits that fear.
The closest helping hand is at the end of your own arm.

retiringwhen
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Re: Insurance against expensive lawyers, is there such a product?

Post by retiringwhen » Sun Sep 08, 2019 12:56 pm

There are, in fact a colleague of mine uses one of these services. I cannot tell you the name as I don't know it, but they normally work as a retainer service where you pay an annual fee and get a pretty well defined set of services available for no additional fee. He used them for speeding tickets, home loan document review, etc. He even used them to deal with a drug-arrest for a child. The downside is that they normally have caps and limits on the scope of services. If you get accused of murder, they will not likely to be very helpful.

My company provided such a service as a "optional benefit" from Either Metropolitan Life or at one time Hewitt. I looked into it, and found the $200/year fee really didn't get me anything I really could use.

123
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Re: Insurance against expensive lawyers, is there such a product?

Post by 123 » Sun Sep 08, 2019 2:47 pm

One of the biggest risks of a criminal charge, if convicted, is that it can open the door to a lot of civil litigation against the defendant. It varies on the crime. There might not be too much secondary risk to a speeding ticket if there was no accident involved but an assault or harassment situation can result in a lot of civil litigation risk.
The closest helping hand is at the end of your own arm.

toofache32
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Re: Insurance against expensive lawyers, is there such a product?

Post by toofache32 » Sun Sep 08, 2019 9:39 pm

I have not used this but I have seen it referenced elsewhere:

https://www.legalshield.com/

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yangtui
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Re: Insurance against expensive lawyers, is there such a product?

Post by yangtui » Sun Sep 08, 2019 9:52 pm

Even if such a product exists, this seems like a pretty outlandish scenario to insure against. Assuming you do not actually break the law, if you avoid dealing with sketchy people and talking to law enforcement without a lawyer you are probably going to be fine.

gretah
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Re: Insurance against expensive lawyers, is there such a product?

Post by gretah » Mon Sep 09, 2019 9:23 pm

OP- you might want to focus on Asset Protection tools, like Trusts, LLCs, insurance products, and more.

No lawyer is going to want to sue you if s/he can't get at your assets. Not worth her/his time.

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9-5 Suited
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Re: Insurance against expensive lawyers, is there such a product?

Post by 9-5 Suited » Mon Sep 09, 2019 9:57 pm

It’s hard to think of too many reasonable scenarios that would require this insurance if one has good home/auto/umbrella liability coverage plus any available workplace insurance like malpractice coverage.

Maybe when you get married there should be divorce litigation insurance? :P Premiums based on how likely the couple is to separate.

retiringwhen
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Re: Insurance against expensive lawyers, is there such a product?

Post by retiringwhen » Tue Sep 10, 2019 7:40 am

9-5 Suited wrote:
Mon Sep 09, 2019 9:57 pm
Maybe when you get married there should be divorce litigation insurance? :P Premiums based on how likely the couple is to separate.
You know, the Western societies have essentially stamped out arranged weddings and many of the traditional match making traditions.

So, in its place I am thinking I could start a consulting service that uses actuarial studies, demographics data (age, race, religion, education levels, ertc.) to create a marriage success score (think FICO!). I could sell the service to potential couples BEFORE they get married to help the decision making process along. Then after a few years i'll find a 1,000 ways to monetize the scores by selling the toolset to eHarmony, farmersonly.com, etc. When that revenue stream dies, we can start a free marriage worthiness monitoring site called marriagekarma.com :sharebeer

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