Supplemental life insurance fills in the gaps with more coverage beyond an employer's plan at work, according to Bankrate. People may undergo medical evaluations to qualify for supplemental life insurance to ascertain the best rate that fits their medical profile. Supplemental life insurance stays with the insured person no matter where that person works.Know More
An employer's life insurance usually pays for two or three times a person's salary. Bankrate indicates that supplemental life insurance goes beyond what an employer provides. Employer-based life insurance offers basic coverage for someone who is single, with little debt and no dependents. An employee with a spouse and children is another matter entirely, which is why some families purchase supplemental life insurance. Some employee plans have supplemental insurance for workers to buy beyond plans provided for free from companies.
Extra coverage comes with limits. Aetna explains the total life insurance benefit, which includes basic and supplemental coverage and has a predetermined payout. A person's annual income, supplemental options and terms of the policy may restrict the life insurance's payout. Life insurance offers a cash benefit to a named individual, or individuals, upon the death of the insured. Those with life insurance should contact the benefits administrator and refer to the plan's summary of coverage if there are questions regarding the policy's terms.Learn more about Insurance
A life insurance beneficiary is a person or party named in a life insurance policy to get the death benefit, according to the Insurance Information Institute. Policyholders can designate one or more people as beneficiaries. Beneficiaries can also be the trustees of a trust established by the policyholders.Full Answer >
Possible beneficiaries can search for unclaimed life insurance benefits by looking through personal paperwork, contacting insurance companies and former employers of the decedent, and accessing state unclaimed property office databases, reports Bankrate. There are also policy locator services that charge fees to go through their databases, states Nolo.Full Answer >
People who are possible beneficiaries of unclaimed life insurance policies should search through personal papers of the decedent and contact life insurance companies the decedent may have dealt with, reports Bankrate. Older unclaimed life insurance policies are found by searching state unclaimed property offices, according to Nolo.Full Answer >
Individuals shopping for a life insurance policy should calculate the coverage needed and select a reliable, highly rated insurance provider before purchasing insurance, recommends Market Watch. Estimate the money your spouse and family may need, and add in mortgage, college and major health expenses to determine the amount.Full Answer >