Being Self-Employed Has Its Advantages

Flexibility, tax breaks, and often better hourly wages are some of the advantages of being self-employed, but replacing the benefits of working for a large company can be a shock.


Workers who previously received a benefits package which offered coverage from long term disability, to dental insurance, to pensions might now wonder where to go for benefits. Questions like what options are available, how much coverage is necessary, and at what cost, should be asked. This transition is becoming easier as consultants and insurers are becoming involved in the bridging the benefits gap.

Traditionally, self-employed individuals have had few options. Most insurers won't consider designing an insured benefits plan for an individual, simply because of the potential high cost of insuring one person's risk.

Now, competitively priced programs can offer life insurance, disability insurance, extended health and dental coverage for the single business owner through to the large company. Each program is specifically designed to suit the individual or group of individuals involved.

Does every person want benefits? Likely not, but the need for life insurance, disability insurance, and retirement planning applies to virtually everyone. The desire for this coverage will depend on lifestyle, philosophy of the individual, not to mention the peace of mind it offers.

John McColl is a financial advisor for McColl Financial Services Inc. and is a regular contributor to businessmatch-maker.com.