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PROTECTION ABOVE AND BEYOND MAJOR MEDICAL

SUPPLEMENTAL INSURANCE

You need life insurance if somebody will suffer financially when you die.

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About SUPPLEMENTAL INSURANCE

What is Supplemental Insurance?

Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular major medical health insurance doesn’t cover.

Supplemental policies may improve the medical coverage you already have. They may cover a different set of services, such as dental care.

Fixed Premiums 100%
Dividends Options 100%
Cash Value 100%

How Does It Actually Work?

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance.

Supplemental insurance refers to an insurance policy that supplements your primary health insurance coverage. Supplemental insurance includes a variety of policies that can be offered by employers or purchased on their own, including:

  • Life insurance
  • Short-term disability
  • Long-term disability
  • Dental/vision insurance
  • Accident insurance
  • Critical illness insurance

Whether you need this type of health plan depends on your risk factors. You should also think about the cost of the premiums, how much insurance you want to carry, and what you want to be insured for. You may decide that a dental plan is worth buying if you think that your children will need it to cover orthodontic care in the coming years.

 

You might think about a supplemental plan if you know that you couldn’t afford the costs of long-term care, or the loss of income if you were diagnosed with something like cancer. Long-term care or critical illness plans may be worth thinking about in these cases. 

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Frequently Asked Questions

About Supplemental Insurance

How do I know how much coverage my family needs?

Upon our initial discovery process, we will do a thorough look at your overall financial profile to determine the coverage needed. Obviously, it is up to the insured how much they feel they can afford.

How long does Supplemental Insurance last

Supplemental, like major medical, does not terminate or expire unless the insured decides not to continue with the policy(ies), or if payment of premiums stop.

Is there a medical exam required for Supplemental insurance?

For Supplemental insurance, it is not typical to have to go through an exam. In most cases, the proposed insured simply has to answer a few health questions in the application.

What happens when my policy expires?

If in the case that your policy lapses or you choose not to renew, you can always reapply for a new updated policy, change carriers, or try and reinstate your prior policy.

Is there any cash value with Supplemental Insurance?

Unfortunately, Supplemental insurance carries no cash value unless you purchase a whole life policy. However, there are supplemental policies that provide an income such as Accident and Disability.

Can I increase my coverage if needed?

Supplemental insurance is a bit more flexible that your life insurance policies. You do have options to change coverage but usually is done at renewal time and not during the year.