Being insured by a voluntary plan means that you choose to purchase an insurance policy to protect your assets, health or life, as opposed to having an employer-sponsored plan or government program.
When you choose to insure yourself through a voluntary plan, you're taking responsibility for the financial risks involved in case of an unexpected event. Voluntary plans protect you, your family and your assets in various ways, including covering the cost of medical or hospital bills, or replacing lost income in the event of death or disability.
Since voluntary plans are chosen and paid for by you, you'll have control over how much coverage you need and how much you'll pay for it. You'll also have the flexibility to review your coverage and adjust it if necessary.
Choosing a voluntary plan can bring financial peace of mind, particularly if you're self-employed, retired or without employer-sponsored benefits. It's important to review the costs and benefits of voluntary plans so that you can make the best decision for your circumstances.