Supplemental life insurance: 3 things to know

Extended life insurance increases your coverage and increases your protection.

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Although most Americans currently have life insurance coverage through their employer, the amount they have may not be enough to cover them if something goes wrong. The question is How much life insurance should one have? it depends on the situation and preferences.

But, if they are relying solely on the support provided by their employer, it is possible that they will need to encourage another way. This is where supplemental life insurance comes into play.

Although there are many different types of life insurance, supplements are what will increase your coverage and boost your security. This insurance, on top of your primary policy, can give you peace of mind and security that would not be possible by relying too much on the initial support provided by the employer.

If you are currently in the market for life insurance, or just want to add to your existing life insurance, now is a great time to do so. You can get started and get feedback today.

When considering whether supplemental life insurance is right for you, there are a few things to consider.

You can purchase additional life insurance through your employer

Many companies that offer life insurance also offer their employees the option to purchase an additional policy. The cost of the second plan, however, unlike the first plan, will be paid to the employee. This can come through a discount in their premiums that goes directly to the insurance provider.

However, even if your company can offer this, it is still worth exploring other options in the public market. It’s possible that you may qualify for a better (and cheaper) plan outside of your company’s umbrella.

Life insurance premiums vary

Although it is worth exploring all options, it is likely that the best value for life insurance will come from the plan offered by your employer. The company has a pre-existing relationship with the sponsor, so they allow them to give you the money.

But that is not always the case. Get the price from the plan offered by the employer and compare it with the rest of the market. Be sure to review the current coverage and deductibles to make sure you’re comparing apples to apples before making a final decision.

Get the price and choose the type of policy that is best for you and your family.

You can bring it (for a fee)

So you have the extra life insurance and coverage you love at a price you can afford – but you leave your job. Can you bring your extra help? The answer depends on your company, plan and provider. Extended life insurance may be “portable” but it will cost you more to maintain because you may not qualify for the benefits you had while working for your former employer.

This does not mean that the new price does not have to pay. Depending on your financial situation, the protection it provides may still be important. Or, your new employer may offer similar services for the same price as your current employer.

Shop around. Compare prices and plans. Depending on where you are in your career, your age and your long-term plans, term life insurance can be a smart choice. If you can afford it, this life insurance can make a difference.

Not sure if supplemental life insurance is right for you? Get a quote and see your options today.