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Supplemental Insurance

Good Supplemental Insurance

Indeed, good health insurance can protect you from most illnesses and injuries but, then again, most policies require you to pay large out-of-pocket costs. Supplemental insurance can assist you in bridging the gap in what you have to pay and what the conventional coverage actually offers. It also can offer you payments if you encounter certain kinds of illnesses or injuries.

What is this Coverage?

A supplemental policy is a kind of insurance policy that protects you from a certain event or group of events related to health. It might provide you an additional benefit if you are hospitalized or compensate you with a lump sum if you are injured in an accident.

Who Benefits?

A supplemental policy can work well for just about anyone, but it is an especially good option for anyone for whom a layoff due to injury or illness would present financial hardship. Those who work in dangerous jobs where an injury could leave them unable to receive a paycheck for long periods of time can also greatly benefit from a supplemental policy. It also is a good idea for a spouse or parent who is the main or sole breadwinner for a family.

How Does Coverage Work?

A supplemental policy usually covers specific events or categories. For example, it might cover a work accident, a serious illness or even your death. If you experience a qualifying event, the policy will pay out benefits, often in a lump sum. Such policies are frequently offered as part of a voluntary benefits package at your job.

Different Kinds of Coverage

There are a number of different types of supplemental insurance coverage options. Accident insurance pays you a lump sum if you are hurt in an accident and can’t be employed. Critical illness insurance pays you benefits on top of your health benefits if you are diagnosed with cancer or another illness that is covered by the policy. Other supplemental policies include disability insurance and hospital insurance.

Big Benefits

The main benefit of having a supplemental policy is the substantial financial cushion of provided income if you are hurt or made sick and rendered unable to work.