How to Buy Insurance?
Buying insurance through the help of employer or on your own are the two main ways of how you can get virtually any insurance policy you like. For every option of course, there are benefits that you can enjoy and that is what we will be discussing today.
At times, you simply don’t have a choice and there are cases in which you don’t know where to get your insurance. Assuming that your employer offers an insurance policy, then it is most likely the only option you can get. One benefit of buying insurance policy through your employer is the fact that it is relatively easy. If your employer is offering the coverage that you want, it is oftentimes simply done by checking the “Yes” box upon enrollment and you are already signed up for it, that easy.
This can actually be great in getting the least amount for insurance. The truth is, group insurance is more affordable while other insurance that you opt to get on your own will probably cost you more in the end. The price of buying insurance on a cheaper price but with the same benefits can be a deal breaker to some people. And as what said earlier, it is cheaper to buy group insurance than getting individual coverage.
Say for example that you really don’t like the proposition of your employer for the insurance and instead decided to buy on your own, there are two benefits you are about to reap from it. First of all, you are able to get as much coverage that you need. You are free to make your own decisions and not have to depend on what your employer told you to do; even if your employer offers you a certain amount, might as well look at individual coverage for comparison. You know that you and your family is protected for anything that could have happened through this.
Second, the insurance policy is yours to keep as long as you’re paying the premium. Do whatever suits you; change jobs, states etc. There is no one who can take it away just be sure that you are updated on payments. That isn’t the only benefit of getting insurance on your own as it helps you buy insurance that suits the most for your needs. Meaning, if your employer only offers auto insurance and what you want is health insurance, you won’t be stuck with the former option.
Assuming that you buy the health insurance on your own, disability benefits paid are tax free while the benefits paid from the employer policy will be taxed.