You can be in the best financial shape of your life and all it takes is one accident or one illness to destroy everything you’ve planned for.

That’s why you need insurance, period. Carmen has written in this blog about just how important it is to be insured, but if you’re trying to make ends meet, adding premiums and deductibles might not seem like it’s in the cards.

Enter individual insurance plans.

Sandy Praeger, president of the National Association of Insurance Commissioners, says that individual coverage is an answer for the 47 million Americans without insurance. But to find the right company and the right policy, you have to do some homework. The NAIC’s web site acts as a consumer information source, and you can use it to contact your state’s insurance department to ask about companies in your area.

Always check the complaint ratio, Praeger says. If a company has a high number, you might want to think twice. And remember: the lowest price isn’t always the best policy.

The argument against individual coverage is that many people can’t afford it. For those people, Praeger recommends high deductible policies, also known as “catastrophic coverage” plans. Typically, these plans don’t kick in until you’ve spent $5,000 or $10,000 out of pocket. Sounds expensive, but healthcare costs are so high these days that many common accidents or illnesses can cost the uninsured up to $100,000. Premiums for these plans are lower, making them the smart choice for people with limited means, she says.

Finally, many Americans with insurance have plans that don’t cover preexisting conditions. But 34 states have high-risk pools that are designed for these people. Praeger suggests calling your state’s insurance department and asking if you’re qualified for these pools if you have a preexisting condition that isn’t being covered.