Supplemental insurance is an insurance policy that gives you extra coverage beyond what you’d get on your regular policy. They’re good policies for people who are concerned that their regular insurance policy may not offer enough coverage in the event where they need to make a claim. Unfortunately, we don’t always know if or when we’re going to need insurance of any kind until something actually happens. Isn’t it better to be covered before something happens?
Supplemental is a lot like umbrella insurance in that it cannot be purchased on its own but must be purchased as an additional policy. Supplemental policies can be purchased as add-ons to life insurance, accident insurance, critical insurance, disability and sickness insurance. The insurance can be used to help pay deductibles, coinsurance, copayments or out-of-pocket expenses. It can also be used to pay for medication, food, childcare, lost wages or anything resulting from a health problem.
Whatever expenses you may have resulting from a covered claim can be paid with the money you get from a supplemental policy. The cost of supplemental policies is quite affordable when comparing their premiums to the premiums for the regular policies. They’re also reasonably priced when you think of the high cost of good healthcare today. The price of supplemental policies varies by the amount you choose as well as the type of insurance.
You really can’t overlook the many benefits of a good supplemental policy. Imagine if there were a serious auto accident that kept you out of work for months. The bills could begin to pile up if you didn’t enough money or insurance coverage. This insurance can help lighten the load substantially. Supplemental policies can often mean the difference between just getting by or being able to get through the catastrophe as easy as possible.