Supplemental Life InsuranceSupplemental Life Insurance Depending on where you work, you may be eligible for company life insurance. This employer-paid insurance may be suitable for you and your family and may provide an adequate payout in the event you pass away. If the company insurance policy does not cover your needs, however, you may choose to purchase supplemental life insurance. When Supplemental Life Insurance Is BeneficialSupplemental life insurance is a term based insurance policy available to provide additional coverage to you when you need it most, say, when you have younger children, or are in other transitional areas of life. Supplemental life insurance usually offers term coverage in a sum equal to a certain percentage of your annual base salary, with coverage varying according to your future salary and changes in age. You may also have the option of purchasing supplemental life insurance in the form dependant insurance, where a lump sum is offered to each of your beneficiaries in the event of your death. Supplemental Coverage
If you choose supplemental dependent insurance, your spouse and each of your children will receive anywhere from $2,000 to $15,000 when you pass, depending on the coverage you purchase. Supplemental life insurance can provide extra income for your family that employer-paid life insurance policies do not offer.
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