11.4.1 Individual Needs
Most people are provided insurance through employment; even if it's contributory, it is still less than it would be as an individual purchaser. Through federal and state legislative acts, every group health policy provides the insured with guaranteed continued coverage through conversion privileges, even if their unemployment is involuntary.
Medical Expense Insurance
As we know, medical expenses can mount quickly - not only for ourselves, but for our family members as well. Office visits, prescriptions, dental services, vision checks, therapy, etc., are only getting more and more expensive. It takes only one illness or injury to accumulate a medical bill that cannot be paid. At least if you are a participant in your employer's medical expense plan, you know you are guaranteed a conversion opportunity if your employment ends.
Disability Income Insurance
So what is going to happen to you and to your family if you become disabled?
Most people overlook this possibility, thinking it will never happen to them. Though it's not as certain as imminent death, it is possible for anyone to suffer a disabling accident or illness. Disability income insurance can provide monthly income benefits to enable the family to provide for the disabled and for themselves.
We've already learned how difficult it is to qualify for Social Security disability benefits. If a person does qualify, they shouldn't count on it being enough - they should count on it only as supplemental income.
Many companies provide group disability coverage and though the cost is less, there is little or no choice in regard to the policy's terms and benefits for the employee. However if one needs to get coverage individually, premiums can be lowered by extending the elimination period and shortening the benefit period.
