What is Supplemental Group Term Life Insurance?
Supplemental group term life insurance is an added benefit if you are already covered under a group policy through your employer. Usually group coverage is not as comprehensive as you may desire as policies are written according to what would benefit the group as a whole. As an individual with a family of your own, you may have different needs that are not covered through a group plan. If you find yourself in this position, buying a supplemental term life policy would be a wise decision.
An employee is eligible for supplemental term life insurance if he or she performs all of their regular duties on a full-time basis (check with your employer as some companies consider full-time as 17.5 hours or more while other companies require you work the full 40 hour weeks). Again, you must already be covered under your companys basic group term life insurance policy. Spouses and dependent children are also eligible for coverage if you buy a policy of your own.
What are the Benefits to Adding a Supplement?
There are a couple of benefits to purchasing supplemental term life insurance. The first is a waiver of...