Supplemental Life Insurance: What You Need to Know

Aug 28, 2022 | Life Insurance | 0 comments

Want to learn about supplemental life insurance? Read this article to discover what you need to know about supplemental life insurance!

Can you believe that almost 25% of Americans don’t have any life insurance at all?

That’s a significant amount of people who could leave their loved ones with almost nothing. Even people who have life insurance may not have all the benefits they need. This is why it’s a good idea to seriously consider getting supplemental life insurance or something related, such as burial insurance.

Are you on the fence? Keep reading to learn all about supplemental life insurance with this brief yet in-depth guide.

What Is Supplemental Life Insurance?

Simply put, supplemental life insurance is something you can add to your pre-existing life insurance. However, the catch is that the coverage depends on your employer. If your employer doesn’t offer this type of coverage, then your option may be quite limited.

The good news is that you could always take matters into your own hands and get the specific coverage you need. For instance, burial insurance for seniors is something that can help your loved ones pay for a funeral service and other related expenses.

Is It Worth the Cost?

Whether supplemental life insurance is worth the cost or not will depend on a wide variety of factors. Since you’re limited by your employer, you may have great options or you may have ones that are not worth it. To determine if the costs are reasonable, you should pay close attention to the terms.

Aside from that, you should also consider the financial needs of your loved ones. It’s also a good idea to ask yourself what your financial goals are in the distant and near future.

When in doubt, you could also opt for burial insurance; no waiting period is required.

Types of Supplemental Life Insurance

There are several types of supplemental life insurance that your employer may offer. For instance, you might have the option of choosing supplemental spouse life insurance, child life insurance, final expense insurance, and accidental death and dismemberment (AD&D).

AD&D not only covers accidental death but can also help you in the event of a life-changing injury. For instance, losing a limb is one type of injury, but there’s also loss of hearing, sight, and speech. In the event any of this were to happen, it’s likely you and your loved ones would receive a lump sum of money.

The amount received can also depend on the severity of the injury.

Are You Ready to Get Supplemental Life Insurance?

Now that you’ve learned about supplemental life insurance, you can decide if it suits your needs or not. Your family members are sure to be grateful for your willingness to help them out. Simply put, security nets are priceless.

We can provide you with the best final expense insurance on the market. Our customers trust us because we work with you to come up with a tailor-made plan instead of pushing something you don’t need.

Feel free to contact us and request a free quote today. We look forward to helping you out.

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