Supplemental Life Insurance

If your basic life insurance doesn’t cover all your family mortgages, bills or other debts, don’t start worrying about your family future just yet. Instead, consider buying supplemental life insurance.

Supplemental life insurance provides additional coverage to your basic life insurance policies and it can be a great way to pay out extra debts you might leave behind. This type of life insurance is very useful if the number of beneficiaries is high, as the basic life insurance, when split, won’t provide enough money for every member. It is also beneficial if your family is used to a higher standard of living and you want to make sure it stays that way by providing an extra income for your loved ones. If your financial possibilities are not that high, you can still choose an affordable life insurance policy that can satisfy your family needs.

The amount of coverage you will receive from a supplemental policy is limited and it depends on your age and the amount of coverage you want. It is usually a good idea to buy supplemental life insurance worth your annual salary or more, because a smaller amount may not be enough the cover all the expenses after your death. To determine approximately how much insurance you need, try to calculate the total amount of your debt and income.

When buying supplemental life insurance look for a company who has experience on the market and treats its customers with respect. While the price shouldn’t be a decisive factor, you should try to get the best offer with the lowest price.  If you want to apply for supplemental life insurance you should do it within 31 days of a qualified event. A qualified event can mean: getting a new job, marriage, child adoption, divorce, etc.

For more information on additional insurance, give us a call today!