What is Supplemental Life Insurance?

Are you wondering What is Supplemental Life Insurance?

It is a form of extra life insurance you buy to help secure your family’s future if you should pass away.

Sometimes the amount of life insurance you own isn't enough to provide for your family, maybe your situation has changed and you now have more children, or a larger mortgage. In this case, you may want to purchase more life insurance. It’s a second life insurance policy that gives your family more life insurance protection.

Sometimes we get so busy we don't take the time to review our family's life insurance needs. Things change, maybe our lifestyle improves, our family’s needs are greater - Now we need to increase our family's level of protection with more life insurance. Supplemental life insurance provides the added protection your family needs so they can continue their lifestyle and be protected if you should pass away.

Consider a working couple with four children, a house and a large mortgage, plus two car loans and monthly credit card bills due. Each spouse may have about 4 times their income in life insurance protection through their employer. In fact, many professional insurance experts recommend you have an amount of life insurance of at least 7-10 times your annual income.

What does this mean to you? Your life insurance policy through your employer may not be enough to protect your family. Imagine the wife makes $35,000 and has four times her annual income in life insurance protection through her job. If she dies, that leaves the husband with $140,000 in cash before taxes. He buries her ($10,000), pays off credit cards ($12,000) and puts the rest towards the mortgage (leaves $40,000 in debt on the mortgage, which he refinances to a lower monthly payment).

Now, the husband has to raise four kids (day-care, food, clothing, health care expenses, save for college, etc.) on his one salary. He might have to take more time off work to attend his kids activities like soccer practice, school meetings, and doctor’s visits. This extra time off work hurts his chances for getting a better job in the company. That makes for a tough road ahead, since he was counting on her income, and her help in raising their kids.

She could have had a $500,000 term life insurance policy that would have helped provide for all of her family's needs in her absence. Depending on your age and health, this level of term life insurance may be affordable enough to fit your budget.


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