What is additional life insurance coverage? Supplemental life insurance, also known as voluntary life insurance, is optional coverage that offers an additional layer of protection in addition to your employer-provided group policy.
– Spouse/child Your plan may also allow you to purchase coverage for your spouse and/or children at the discounted group rate. Your real options will rely on the options picked by your business or organization. This includes whether the insurance is term or permanent (and what type), the amount of coverage available for purchase, and whether further coverage needs a health questionnaire or test.
When should you purchase additional life insurance?
- Term Life Insurance May Not Be Adequate. The majority of people acquire either term life insurance or permanent life insurance.
- Total life insurance is costly.
- Employer Supplemental Insurance Has Limitations.
- Private Supplemental Insurance Could Be the Answer.
- The Conclusion.
Should you buy additional life insurance?
Employer-purchased supplemental life insurance is supplementary life insurance coverage. Yes, you will need to pay for this. It is intended to reinforce and supplement the current group life insurance you have in place by increasing the death benefit. This may seem appealing, but it is not!