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On Your Own? Why Personal Insurance Plans Could Be a Good Choice

Life Insurance
man on hike sits and looks at a beautiful mountain lake as he thinks about personal insurance plans

For many years, having access to insurance plans through an employer was seen as the best-case scenario. But is this still the ideal option for coverage?

As it turns out, things are a little different these days. Personal insurance plans could be more affordable and flexible than employer-sponsored plans — if you know what to look for. They could also be an excellent option for people who need insurance coverage for a number of reasons, such as a recent college graduate, a widow or widower, new business owner and more.

Learn more about personal insurance plans, explore the benefits — and find out why they could be a suitable choice for your needs.

Medical Insurance

Does your company provide health insurance coverage? Not every company offers this benefit, and even if an employer does offer health insurance, some employees might not be able to afford it. Also, if you are currently unemployed, you may wonder about your available options. Thankfully, you have multiple private health insurance choices.

You could purchase coverage through the government-backed health insurance marketplace. Browse plans on the marketplace and choose the exact coverage you want — from basic catastrophe plans to higher-level protection. You could also find a plan that allows you to use your current doctor (a huge win for anyone who has ever had to switch physicians when switching coverage).

If you have religious beliefs that don't align with traditional medical insurance, you could consider purchasing a plan through a health care ministry, which works like an insurance co-op. Also, speaking with a financial representative could help you learn more about your individual coverage options.

Life Insurance

While many employers offer life insurance as part of a general benefits package, most only offer a coverage amount equal to one year's salary. Are you married? Are you a parent? Do you have a mortgage? Depending on your circumstances, this amount may not be enough to provide financial protection for your loved ones. Relying solely on life insurance coverage through your employer could leave your family in dire straits if you pass away.

Some employers try to solve this problem by encouraging their employees to purchase additional life insurance through them. However, this would tie your life insurance policy to your employer. So, if you lose your job, you might also lose your coverage.

When you purchase your own life insurance policy, you have the option of choosing the one that best fits your needs. There are many types of life insurance available, such as term life, whole life and universal life insurance. Each has their own features and benefits, so do a little research to find the perfect plan for you. Also, think about speaking with a financial representative who will listen to your needs and prepare a financial recommendation.

Disability Insurance

No one can predict the future, but it's likely you haven't considered what would happen if you were ever unable to work because of an illness or injury. What would happen to you or your loved ones?

Many employers only offer short-term disability coverage to employees, which generally provides a percentage of your income for a short period, often less than six months, according to the Bureau of Labor Statistics. Employers are not required by law to carry disability coverage, and few of them provide employees with long-term disability coverage, which may last the entire length of the disability.

What would happen if you ever found yourself unable to work and earn a steady income? An individual disability insurance plan could help you avoid the financial strain that could come from being out of work for several months or more. Buying both a short- and long-term personal disability policy could be beneficial financially and emotionally — as it could provide peace of mind for you and your loved ones.

Whatever coverage you need, obtaining personal insurance plans could be beneficial to your financial needs as a whole. Doing your research and talking to a financial representative could help you find the best option for your needs and give you the added security of being insured on your own terms.

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Information provided is general and educational in nature. It is not intended to be, and should not be construed as, legal or tax advice. Western & Southern Financial Group and its member companies (“the Company”) does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.