Benefits that can be purchased on a stand-alone basis are known as “individual benefits”, rather than group insurance or employee benefits. There are many different types of individual benefits that are available. Almost any benefit that a company may offer to a large group of employees, is now available to people and small business on an individual basis.
Whether you are looking for life insurance to cover a mortgage or a line of credit for your business, or you are looking for some dental coverage for your family, it is all available on an individual basis.
One of the main differences with individual benefits and group insurance is in the area of limitations. In large groups, all employees contribute to the costs, but not all employees will use all of the benefits. For example, not everyone will have the same need for dental or prescription drugs. With individual benefits, you can get similar coverage, but often times there will be some limitations and exclusions. You have to look at your individual situation.
On the other hand, there will also be restrictions on the maximum benefit you may get. For instance you may need $300,000 of insurance to cover a mortgage and family needs, yet your group insurance has a maximum of $50,000 available.
Individual benefits are custom tailored to the individual needs. They are portable and under your control.
We have provided a more thorough discussion of the types of individual benefits that are available to you. After you have reviewed those topics, if there are some specific questions that you need answers, the click here and complete the Client Data page and The Benefit Guys will get back to you by your preferred method of contact.