Going self-employed: you just became your own benefits department

Leaving a job means leaving Layer 2 of your coverage. What used to be automatic is now your responsibility.

• Replace group life with a personal policy — and do it while you can still qualify, before any health changes.
• Replace disability coverage with personal DI. This is the big one: the self-employed have thin government backstops and no group LTD. Own-occ personal coverage is worth pricing.
• Consider critical illness — a diagnosis hits a one-person business especially hard.
• Health/dental: you'll want a personal or association health plan, or a health spending account through your corporation.
• If you incorporate: explore corporate-owned coverage for tax efficiency (see that guide).