Supplemental Life Insurance

Supplemental life insurance is extra coverage typically offered through your group life insurance policy, but you can still add supplemental life insurance coverage to a private policy for an extra cost. While term life insurance is about $9/mo, expanding coverage with supplemental life adds more to your monthly life insurance rates. Shop around and compare multiple companies to secure affordable supplemental life insurance quotes.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 28, 2021

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The Rundown

  • Supplemental life insurance provides extra coverage, such as burial expenses
  • Most supplemental life insurance companies sell policies to employers who offer the coverage as part of an employee benefits package
  • Private supplemental life insurance adds more to your monthly payments

You just bought life insurance, but you realized you might need more coverage. The next step would be to buy supplemental life insurance.

But what if you have voluntary life insurance through an employer? Is affordable supplemental life insurance available from private supplemental life insurance companies?

Read through this article to learn more about supplemental life insurance and how to get cheap supplemental life insurance quotes.

After you’re done reading about supplemental life insurance, enter your ZIP code in the free comparison tool above to compare life insurance quotes from multiple companies in your area.

How much are supplemental life insurance rates?

Affordable supplemental life insurance rates are determined by several factors, such as age, policy amount, health, gender, and policy term.

The average rate for term life insurance for non-smokers is between $9 and $11 per month. Group life insurance and supplemental life insurance rates vary by company.

Supplemental life insurance companies (as well as others) are tight-lipped about life insurance rates. Shop around and compare companies until you find supplemental life insurance quotes that work for you.

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What does supplemental life insurance mean?

Supplemental life insurance provides more life insurance coverage for policyholders, such as extending coverage to spouses, children, and other dependents.

Most supplemental life insurance is offered through employer voluntary life insurance benefits.

You can add riders for private supplemental life insurance, such as accidental death and dismemberment (AD&D) and long-term care insurance.

What’s the difference between standard life insurance and group life insurance?

Before you start shopping with supplemental life insurance companies, you should know the difference between standard life insurance and group life insurance.

Standard life insurance is bought privately through life insurance companies, but group life insurance is provided through an employer.

Some employers have voluntary life insurance, but some add life insurance as part of your employee benefits package.

If you’re interested in moving your life insurance coverage from group life insurance to private life insurance, ask about portable coverage. Portable coverage perks allow you to move your group life insurance benefits to another company that offers the same coverage.

However, life insurance costs vary. Shop around with multiple companies before you buy supplemental life insurance coverage.

What are the key factors of supplemental life insurance?

Supplemental life insurance works the same as standard life insurance, except you have more coverage added to your policy. Here’s a list of policy factors that determine supplemental life insurance:

  • Coverage limits
  • Term length
  • Number of riders
  • PolicytType

Private supplemental life insurance is more expensive and comes with term lengths, depending on your policy type and the supplemental life insurance company.

Group life insurance only requires you to talk to the human resources manager about more coverage. Your employer takes out group life insurance rates from your paycheck.

What are the different types of supplemental life insurance?

There are several supplemental life insurance types. Check out this list and before you shop for supplemental life insurance.

  • Group Term Life Insurance
  • Supplemental Accidental Death & Dismemberment (AD&D)
  • Whole Life Insurance
  • Supplemental Spouse Life Insurance
  • Long-Term Care Insurance
  • Supplemental Employee Life Insurance
  • Supplemental Child Life Insurance

Did we miss something? If you need answers to frequently asked questions, check out our insurance answers to learn more about life insurance.

Why is health important to life insurance?

Your health is a life expectancy indicator. In other words, life insurance companies gauge how long you’re expected to live based on your lifestyle choices.

Some of those choices include smoking, risky hobbies, and types of employment. Anything that appears to threaten your life expectancy is considered when issuing out life insurance rates.

According to the Industrial Safety & Hygiene News website, more than 20 occupations are considered hazardous work environments, including logging, farming, and delivery occupations. All of which can raise your life insurance and supplemental life insurance rates.

Do you need supplemental life insurance?

It depends on your situation. If you’re expected to earn more money, you’ll need a higher coverage limit and more options.

The recommended supplemental life insurance coverage limits should be ten times the amount of your current salary. Therefore, supplemental life insurance expands your coverage. But most people buy extra coverage through riders, especially for private life insurance.

Think of supplemental life insurance as a way to ensure that your beneficiaries receive financial help without you spending a massive amount of money on burial and long-term care expenses.

You should buy supplemental life insurance if your income is expected to increase over time. Talk to human resources about the group supplemental life insurance offered at your job.

If that option isn’t available, you can always shop with the best insurance companies to get what you need.

Why wait? Now that you know more about supplemental life insurance, use our free online quote tool below to compare the top companies near you.

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