Understanding Supplemental Life Insurance

Being covered by your employer’s health benefits can be a huge advantage for any employee, and this base level of coverage provides many people with the peace of mind that their family members will be financially cared for in the event of their death. While some group benefit plans are more comprehensive than others, some provide minimal coverage with payout limits that may not be as high as you’d like. But that doesn’t mean you don’t have other options – this is where supplemental life insurance comes in!

What is Supplemental Life Insurance?

Supplemental life insurance provides you with extra insurance when your basic coverage limits are met. Say your group benefits life insurance from work maxes out at a $200,000 to your beneficiaries in the event of your death, but you know this won’t be enough coverage for them. Your supplemental life insurance can raise this limit and ensure your loved ones receive the compensation they need after you’re gone.

How To Get Supplemental Life Insurance

If your company insurance policy allows it, you sometimes have the option of purchasing supplemental life insurance through your employer’s provider. Alternatively, you can buy supplemental life insurance separately through a different insurance provider, and this is often a more economical choice. Additionally, purchasing private life insurance often results in faster payouts for your family.

How Much Life Insurance Do I Need?

When you meet with insurance experts like the team at Lupton & Luce Insurance, we’ll get to know you to get an idea of what kind of life insurance would be right for you and your beneficiaries. Most often, the number will be somewhere between five and eight times your annual salary, but this can depend on a lot of factors, including how many beneficiaries you have.

If you’d like to learn more about supplemental life insurance and find a plan that suits your budget and your needs, get in touch today!