Individual Benefits

Regardless of how responsible you may be in maintaining your finances, health, wellness or overall quality of life, you may eventually need assistance. An injury or illness could have significant financial ramifications for you, your family and your future. Fortunately, there are many ways you can secure your assets and ensure that you have the resources needed to manage difficult times. 

What Are Individual Benefits? 
Individual benefits may be similar to programs, perks and investments that one might often be offered through their employer. The key difference is that you select and assemble your own individual benefits portfolio from scratch. This may be advantageous as you have full control over your benefits and can customize your investments to your needs, preferences and budget. 

When Do You Need Individual Insurance? 
Individual insurance should be considered a top priority if you cannot acquire insurance through your employer, government-sponsored programs (e.g., Medicare and Medicaid) or other means. Without adequate coverage, you and your family may lack the means to pay for essential services and expenses, potentially making recovery from injuries and illnesses impossible. Even if you can cover potential losses out of pocket, having to do so could have catastrophic consequences for your finances and future.  

What Are Common Types of Individual Insurance? 
There are many types of insurance you may wish to purchase to secure the finances and future of yourself and your family, including the following: 

• Health insurance—These policies can vary significantly in their details but generally provide financial assistance to ensure you and your family can access the preventive care and medical services needed to maintain health and wellness.
• Dental insurance—This type of health coverage focuses on helping you and your family pay for dental services.
• Vision insurance—Like dental insurance, this specialized coverage may provide financial aid when seeking optical health care.
• Life insurance—This type of insurance can provide critical financial assistance if you or another insured pass away. Although policy details may vary, life insurance can typically provide a payout to beneficiaries to help them manage various expenses and financial losses following a death.
• Disability—This coverage may help you recoup lost or reduced income if you develop a disability that limits your ability to continue working.
• Long-term care insurance—By purchasing this type of insurance, you may be able to better absorb the costs related to needing long-term care, such as for an assisted living facility or for in-home services.