Goats versus Bananas – Which is Better for Long-Term Disability Needs

We all know that goats and bananas are two very different things. One is a mammal that has fur, hooves, and four legs. The other has no fur, hooves, or even limbs, and is typically yellow when ripe (oh yeah, and if it wasn’t clear, it’s a fruit, not a mammal). So how do the two relate to insurance?

If we think about a time when an exchange of goods and services was used as a means of trade and business, the value of a goat would be high, as it would sustain you and your family for many years, while a banana’s value can only be enjoyed immediately before it goes bad.

Similar to insurance, we can see bananas as group living benefits (ie. disability insurance and critical illness insurance) and goats as individual living benefits. Group insurance plans are typically built for short-term needs, while individual insurance plans are typically built for longer-term needs. To understand how individual living benefits can aid you better in your long-term needs, it’s important to go over the strengths that individual insurance has to offer.

How Individual Insurance Can Support Your Group Benefits & Long-Term Needs

1. Stability and Continuity: Long-term individual insurance ensures consistency and uninterrupted protection, as you don’t need to worry about renewing or re-enrolling your insurance plan frequently. With group insurance, your coverage might change with each job or membership, potentially leading to gaps in coverage.

2. Portability: Individual insurance is entirely portable, meaning you can keep it regardless of changes in your employment or group membership, such as you leaving your job, retiring, or changing organizations.

3. Customization: Individual insurance allows for greater customization. You can tailor your policy to meet your specific needs, choosing the type of coverage, coverage limits, deductibles, and additional benefits that best suit your circumstances. Group insurance plans, are typically less flexible in terms of customization and are designed to cater to a broad group of participants.

4. Provider Choice: With individual insurance, you have more freedom to select healthcare providers, doctors, and specialists. You can choose providers that align with your preferences and healthcare needs, compared to group insurance, where your options for providers may be limited to a predefined network, which can restrict your access to specific doctors and specialists.

5. Comprehensive Coverage: Long-term individual insurance policies provide comprehensive protection for various life events and risks, often offering a more extensive range of coverage options. This includes high-deductible plans, comprehensive health policies, and niche insurance policies tailored to unique needs.

Individual disability insurance and critical illness insurance plans are designed for those who want to plan for their future and maintain consistent coverage and reliable protection throughout their lives. Fortunately for living benefits, you can have your cake and eat it too. Having a combination of bananas and goats is the best of both worlds for those who are looking for long-term protection, as it keeps you and your family safeguarded from any uncertainties that life may throw at you.

You can learn more to see if enhanced living benefits is right for you. If you’re ready to supplement your benefits with individual critical illness and disability insurance, you can reach out to us and book an appointment with one of our advisors.