Understanding Supplemental Insurance
Sometimes you don’t have enough insurance to meet your needs. The insurance you do have helps, but it’s not enough to cover all of your expenses. This is when supplemental insurance can help cover the additional costs.
Supplemental insurance provides additional coverage beyond that of your regular policy. For instance, perhaps your medical insurance only paid a portion of your medical bill. Supplemental coverage can pay the remainder of the bill, at least up to its limits. You choose how you wish to receive your benefit. The insurer will either pay you a lump sum or periodic benefits.
You can purchase supplemental coverage as an add-on to life insurance, accident insurance, critical insurance, disability and medical insurance. The funds can pay for things such as deductibles or out-of-pocket expenses. You can purchase medication, food, and pay for other expenses related to your medical condition.
A supplemental policy is generally a wise investment. It costs more to not have help paying for your expenses. It takes insurance awhile to become active after you’ve made the purchase. So it’s important to purchase supplemental coverage before you actually need it.