Supplemental life insurance offers additional coverage to your basic life insurance policy.
Supplemental Life Insurance offers extra or additional insurance that helps you pay for things your standard life insurance would not cover.
What Is Supplemental Term Life Insurance?
According to Finance Zacks Supplemental term life insurance is an option for many people, especially those with families or large financial liabilities.
Term life insurance is frequently purchased through an employer, many employers will offer a voluntary supplemental life insurance. If this amount proves insufficient, supplemental term life insurance can fill in gaps in insurance coverage.
Supplemental Life Insurance worth it through your employer?
Although buying insurance by yourself may be more expensive than through your employer (or may not, depends on specifics), it’s a lot safer in that the rates are guaranteed for the specified time frame as long as you pay your premiums. If the worst should happen and you’re diagnosed with an illness that stops you from working, your dependents are hit with a double loss of your income while you’re alive, and then no safety net once you pass away – not to mention the emotional strife.
For this reason, unless your policy allows you to keep it and pay reasonable premiums once you leave the company, It is better buying life insurance with an independent agent. You may pay a bit more, but it brings so much more piece of mind – and that’s really all insurance is for the purchaser, piece of mind on behalf of his loved ones.
Millennials and Supplemental Life Insurance
Supplemental term life insurance through an employer also does not provide the benefits of life insurance available in the marketplace through an independent agent, especially for Millennials.
Millennials tend to move more frequently geographically than other age groups plus have the tendency to change careers. These supplemental term policies through employers are not portable.
Purchasing term insurance through a top-flight mutual company will open the ability to convert that term policy to a permanent policy when either life event calls for it, or the cost of the term policy starts to equal that of a permanent policy.
Some mutual company’s offer opportunity for additional purchase benefit without needing additional underwriting for more term insurance.
The open marketplace allows you to compare costs for similar products across many providers.
Find an independent insurance agent to compare quotes for supplemental life insurance
Most importantly, a financial professional with the right company can offer life insurance as part of a comprehensive financial plan that addresses risk of dying too soon, becoming critically disabled, a long-term chronic illness, wealth accumulation for retirement and wealth distribution/preservation in retirement. Company sponsored supplemental additional life insurance puts the pressure on an individual to “guess” what coverage they need without taking considerations of goals, risks, life events.
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