What Is Supplemental Life Insurance? Supplemental life insurance is a type of additional life insurance. This type of insurance policy is not meant to replace a solid term life insurance policy. However, supplemental life insurance will give your loved ones additional coverage in the event that you pass away. You can get supplemental life insurance privately or through your employer. Read this article to learn more about this type of insurance policy. What Is Employer-Provided Supplemental Life Insurance Many employers offer their employees term life insurance coverage as well as supplemental life insurance. In general, term life insurance provided by an employer works like traditional...
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Supplemental life insurance will increase your coverage and boost your protection. Getty Images While many Americans currently have life insurance protection through their employer, the amount they have may not be enough to cover them should something go wrong. The question about how much life insurance someone should have is specific to their own individual circumstances and preferences. But, if they're solely relying on the coverage provided by their employer, it's likely that they will need to beef up their coverage another way. This is where supplemental life insurance comes into play. While there are many different types of life insurance, supplemental is the one that will increase...
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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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