What you need to know about supplemental life insurance If you’re considering getting a supplemental life insurance policy, here are a few other things you need to know: Offers affordable extra coverage Supplemental life insurance is generally less expensive than basic life insurance since it’s likely you’ll be able to take advantage of a group rate, or group discount, through your employer or a membership group like a union or professional organization.[2,3] Medical exam may not be required Unlike standard life insurance policies, there’s a good chance you won’t need a medical exam to qualify for supplemental life insurance. Because of this, your medical history likely won’t affect your...
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You need to enable JavaScript to run this app. Married? Got kids? If you’ve got someone (or a few someones) depending on you for financial support, it might be time to consider a life insurance policy. It’s nobody’s favorite thing to talk about, but it’s important. If you were to pass away, a life insurance payout could help provide for your loved ones’ future needs. It could reduce the financial burden of funeral and burial costs, pay off jointly-held debt, and help replace lost income. Choosing the right policy for you from among the coverage options can feel daunting, and you may already have access to a supplemental life insurance policy at a reasonable price through your employer. If...
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Supplemental Employee Life Insurance: Supplemental Life insurance coverage under Choices pays benefits to your beneficiary(ies) if you die from most causes while coverage is in effect. Who is Eligible? Benefits eligible employees (if you are in an active work status). Benefits eligible employees enrolling in the Choices Medical Plan may elect Supplemental Life insurance coverage. If you enroll in Supplemental Employee Life insurance coverage, your cost depends on your age as of July 1 and the amount of coverage you select. The cost of this benefit is paid on an after-tax basis. New benefits eligible employees may elect up to $300,000 during their initial enrollment period, without...
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Employee life insurance coverage is a valuable and attractive benefit. But what is supplemental employee life insurance? Many workers are surprised to learn that life insurance from an employer may not be adequate. Every employee has a unique situation—responsibilities could include children, a mortgage, or student debt. That’s why it’s so important to consider having your policy outside of your employee life insurance; one that gives you the ability to customize your coverage based on your needs and allows you to select features and riders that are specific to your future goals. Life insurance that’s tied to your job has its limits. There’s a lot of uncertainty in today’s job market....
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In most cases, employers and other organizations offer term life insurance for their employees. Typically, the coverage amount is a specific multiple of the worker’s annual salary. This leads to varying coverage amounts for each person based on what they do and how much they make doing it. Some people will find that the coverage amount offered by the company isn’t enough. This is often the case for someone with extensive financial liabilities or a large family. Supplemental life insurance is an additional policy that can give you increased protection and better coverage. What Supplemental Life Insurance Is All About Supplemental life insurance, which is sometimes called...
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What is Supplemental Life Insurance? Supplemental Life Insurance is one form of insurance that will pay for your beneficiaries’ lost earnings, medical expenses, and funeral expenses if you die. The coverage is used with your primary life insurance policy to offer additional security. It’s an affordable method to ensure that your family members will be taken care of if an incident occurs to you. You can purchase a supplement plan through your employer or your spouse’s employer and private insurance companies like MetLife, John Hancock, and Prudential Financial. Supplemental Life Insurance Features: Life insurance to complement the other policy of life insurance. Protect...
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Purchasing supplemental life insurance: coverage for new life events 90% of consumers think a family's primary wage earner needs to own life insurance. Have you looked at your current lifestyle and thought about how to financially help your family? If you have coverage, it may not be enough to fully protect your family after you’re gone. To better secure your family’s financial future, you may want to consider purchasing supplemental life insurance. What is supplemental life insurance? Supplemental life insurance is an additional life insurance policy that offers extra protection and added peace of mind. A supplemental policy works the same way as most types of life insurance...
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You need to enable JavaScript to run this app. The increased competition among just about every type of industry is leading employers to re-evaluate their employee benefit programs and bolster them with new benefits to help entice job-seekers to join their company. Jump ahead to these sections: These employers are adding supplemental insurance to complement the standard offerings of group health, life, and disability insurance. Among the different types of supplemental insurance products, you’ll find one that is a bit confusing to many people - supplemental life insurance. Many employees already participate in their company’s group life insurance program, have an individual life...
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You may have already heard of the term supplemental life insurance . While it is considered to be a good way for individuals to take advantage of some additional protection, it is best to do your research and shop around to make sure you get the most bang for your buck. In case you were wondering, this is going to be your guide towards supplemental life insurance. Here we are going to cover the following topics: What is supplemental life insurance? How can you benefit from it? Having scoured the internet, we’ve found the most recent and reliable information for you regarding supplemental term life insurance. Supplemental Life Insurance Explained If you’d like to know what supplemental...
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If you’ve started a new job and signed up for the benefits offered by your employer, one of them could be “group life insurance”. You sort of know what it is, but the best thing about it is that it’s free to sign up for! Then someone tells you about supplemental life insurance. Wait, what? Can’t group life insurance take care of everything without you needing a supplement for it? This feels like a sales gimmick, right? We hear you, and luckily, we’re here to take you through the ins and outs of group and supplemental life insurance. What is Group Life Insurance? Group life insurance is what you’d call a life insurance policy if you got it through...
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