Supplemental Life Insurance Meaning

Life insurance (or life assurance, especially in the commonwealth of nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Usually the employer will pay for a certain amount of group term life on the employee and the supplemental allows the employee to purchase additional face amount at the employee cost. Voluntary life insurance can be a valuable employee benefit for many workers.

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It is usually paid for by the employee.

Supplemental life insurance meaning. Voluntary dependent insurance can cover your spouse, children and any other eligible dependents, depending upon the rules laid out in the plan. Supplemental benefits plans provide additional protection to that offered by primary insurance for health and other life events. Buy insurance through bga insurance group and you can purchase what you want without having to worry about terms, verbiage and limitations.

Life insurance policies provide coverage to people regarding their financial troubles. The policies typically are guaranteed issue, meaning there is no health exam and you can’t be turned down. Supplemental life insurance may also be purchased for the employee’s eligible spouse and/or children.

Simply put, supplemental life insurance is an additional life insurance policy that can either be purchased through your employer or a private company. Supplemental term life insurance is a policy that fills the coverage gaps in a primary term life insurance policy. Supplemental life insurance is also called voluntary life insurance and as the name says, is designed to supplement other insurance policies, not replace them.

Some companies allow you to “port” a policy, meaning you can take all or a. Because group life insurance policies are often cheaper, if the supplemental life insurance is covered by such a plan, then you could get the extra coverage you need at a great rate. Supplemental insurance often is paid directly to you, meaning you can use the money to pay for what you want to use it for.

Meaning, you will keep the coverage as long as you are paying the premiums. Supplemental life insurance may not be portable, i.e., it may not be able to be taken with you when you leave your job. Often a base amount is covered at no charge, with the option to add more.

Supplemental life insurance is group life insurance offered to employees above and beyond what they receive as part of their company benefits. Supplemental insurance is not usually available on a term life policy because that type of coverage is already constrained within certain defined limits and conditions, but is more often taken. If, however, the supplemental policy is on an individual basis, it could be cheaper to shop around with private providers for such coverage.