5 Ways Legal and Identity Theft Protection Enhance Financial Wellness
What exactly is financial wellness? To put it briefly, it's a state of financial stability. Financially stable people are confident they can work off their debt and pay their bills, afford basic necessities, and have something extra for emergencies and simple pleasures.
Financially unstable people often experience anxiety and even depression. An employee only has so many hours in a day. When they are concerned with financial problems, they may have to spend time at work trying to resolve issues on the phone or via email. They may also experience health problems due to stress, such as headaches, gut issues, sleepless nights, and more. Work productivity suffers when employees stress about their finances.
Employers can help their employees achieve financial well-being by offering financial education and protection tools. These tools include employer-sponsored retirement plans, student loan repayment assistance, emergency savings funds, college fund assistance, and more.
Many people don't realize it, but legal and identity theft protection plans also contribute to financial wellness. Legal plans give employees legal assistance, peace of mind, and an understanding of their legal rights and responsibilities as they navigate life's expenses. Identity theft protection provides critical protection in a world where innumerable transactions, both work and personal, are conducted online.
Employees' financial wellness can improve when they have legal assistance in the following areas of law:
- Consumer Finance: This is a broad term for almost every financial area of your employee's life. The LegalShield Plan gives employees access to provider lawyers who help with issues like billing disputes, refund denials, insurance payments, and more. The lawyer can offer consultation and advice to help employees understand their rights and responsibilities with bills, savings, investments, and other issues related to consumer finance.
- Real Estate: Real estate issues are often complex and can be confusing to most people who don't practice real estate for a living. A LegalShield provider lawyer's assistance can be extremely valuable as employees deal with buying, selling, renting, and many other legal issues that can arise with these processes. Having a lawyer on their side can help your employee stay calm and focused.
- Contracts: We all sign contracts throughout our lives. Whether it's a rental contract, home improvement or repair, or even an online contract with an electronic signature - contracts are often necessary and can be complicated. Your employee's provider lawyer can review contracts, explain complex terms, offer advice on contract changes, and further empower the employee to sign a contract that best benefits them.
- Traffic Issues: Whether your employee commutes to work or simply leaves the house to run a quick errand, traffic problems can arise fast and take time to resolve. Your employee can upload traffic tickets via the LegalShield Mobile App directly to their provider lawyer, who can help explain the employee's rights and even represent them in court if necessary. And it's not just for tickets either - LegalShield provider lawyers can assist employees with a wide variety of other traffic-related legal issues.
- Identity Theft Protection: According to the FTC, victims of New Accounts and Other Frauds" spend an average of 60 hours resolving their problems and lose approximately $1,200. Most remote employees use the internet all day for work and personal tasks, making their Personally Identifiable Information (PII), more vulnerable. In addition to legal assistance, identity theft protection is another crucial aspect of financial wellness to help improve workplace security and lighten their employees' burdens.
Employers can help employees' financial wellness by adding legal and identity theft protection plans to their benefit packages. These protections help employees proactively increase their savings and peace of mind as they prepare for inevitabilities like Will preparation, estate planning, and more. These benefits also keep costs down when unplanned events occur. Instead of hiring a lawyer or identity restoration services for hundreds of dollars an hour, employees can access a dedicated law firm and a team of licensed private investigators for a fraction of the cost.