What Is Supplemental Term Life Insurance?

Many people in India are not aware with the concept of Supplemental term life insurance. So, first you need to get an idea about this concept and then know about its benefits.
An option of supplemental term life insurance is very popular among those people who have more financial liabilities or more number of dependent family members. Generally, term insurance is bought through an employer because the coverage offered by this type of insurance is available in multiples of the annual salary of an employee. In case the amount is insufficient, then this insurance type can fill in gaps in insurance coverage.
Many insurance companies are available in India who caters an extra coverage in the form of supplemental life insurance in addition to your basic term insurance online. The cost of this insurance is based on your age as well as on the additional coverage amount you select. Benefits provided by this plan are payable to your nominees in case of policyholder's death due to injury or illness. Normally, you choose a supplemental life insurance coverage amount equal to your basic term insurance coverage.
Some insurance products help you to choose an amount which is not tied to your annual salary. If you are planning to buy a supplemental term insurance for an individual, then you have to make few decisions about your health status, coverage need etc. People with lower mortality risks will surely save some money under individual coverage. People who are having health issues may find group supplemental insurance a much better deal. In case you will require coverage longer than you expect to be employed with your current company, then avoid group coverage. Sometimes, your basic term life insurance may not adequately replace the loss of your income to your family. Hence, it becomes necessary to consider supplemental term insurance.
Customers have the choice to buy this type of insurance for them. Your insurance may become active on the date the first full premium is paid or the first date of eligibility. But, you may need to provide insurability evidence in case you request to increase your coverage. The expenses for obtaining medical details, like physical examination, laboratory tests and medical records etc will be your responsibility. You can buy a dependent life insurance for your spouse and children only if you buy supplemental coverage for yourself. Don't worry about your current coverage amount because it will be continued throughout your policy period.
Get quotes for supplemental term insurance and compare these insurance products provided by different insurance companies in India in terms of costs, features and benefits. Online comparison helps you to select the best plan that covers your needs the most. In the market, there are many insurance companies in India available which gives a wide range of supplemental term insurance. Make sure that your insurance service provider whether he or she is an agent or broker must explain everything about this insurance. Clear all your queries related to insurance and ensure that you are satisfied with every answer.