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Supplemental Spousal Life Insurance Coverage - Basic Policy Options
Buying supplemental spouse life insurance for a spouse or domestic partner can be done, and in some cases you can even ask your employer to give it to you. here is quite low, usually up to about $150,000, which with standard premiums is very affordable. If you feel your partner is not covered adequately under any other policy of life insurance, you might need an extra choice of benefits. You can do this by asking your employer about what kind of options they have and what kind of benefit they have in place for people who choose to buy supplemental policies on their own. You might also need to do this if one of you becomes disabled or dies unexpectedly.
Many private insurers offer policies for supplemental life insurance coverage. This is because they know the problems that can come up with whole life policies and will often times help you work things out so that you are protected in that way. The most common reason why people purchase supplemental policies is to replace the policies which were terminated due to death or disability. A common reason for this is that a spouse or domestic partner dies unexpectedly or because of an accident.
If you become eligible for enrolling into a plan, then you should call the particular company to enroll. When enrolling, you will need a Social Security number, and usually the same information about your dependents. However, you need to make sure that this information is accurate as mistakes can cost you money down the line. In fact, many insurers do not allow enrollment until all the information that you have filled out is accurate. The more information you have to correct the quicker you will be able to get the money you need to fill out your policy.
Once you have done this, you will be asked questions regarding your dependents, such as whether or not they will also be covered upon their death. You will also need to decide how much coverage you need. Remember, many people purchase a policy with just life insurance benefits. Supplemental policies on the other hand provide additional coverage for the spouse and/or children. Usually the premiums for these policies are higher than those for the primary policy but you get what you pay for.
Basically, these policies provide you with additional life insurance coverage equal to the amount of the premium you paid. This is usually provided minus a pre-tax benefit but depending on the coverage provided you may end up paying nothing extra. In addition, in order for this type of policy to be taxable to you generally must also be a member of the employed family. It is very rare for employers to pay anything towards the premiums but if they do it is usually less than half. If the coverage provided is less than half than the premium typically will be higher than the average premium that employers typically pay for a similar coverage policy.
In order to determine the amount of coverage provided, you will need to obtain one of two forms; a medical history statement or an application for a SRIP. A medical history statement will identify the dependents (if any) who will be covered by the insurance while you are still alive. The applicant can supply the name, date of birth and social security number of each dependent. If best health insurance for athletes does not supply the name and date of birth then the insurer will use the social security number provided by the applicant and contact the appropriate agencies to obtain this information.
On the other hand, an application for a SRIP will request the name, date of birth and address of each person who will be covered under the policy. The dollar amount of coverage purchased will be determined by the number of eligible dependents (children and spouses). For each dependent the insurer will ask for either a flat dollar amount or a percentage of the annual income of the insured. Once all of the requisite information has been provided to the company then only one application may be submitted per household.
If you are seeking more information about life insurance to ensure that your needs will be met most efficiently, you may want to consider either a basic policy or a specialized policy. A basic policy is generally used as the foundation for purchasing additional policies in the future. The basic policy will often be sufficient for one's financial needs. The premiums for these policies are usually lower than for a more specialized policy. It should be noted that the premiums for a more specialized policy are typically determined based on the health history of the applicant, their family medical history and their current lifestyle. The applicant is typically required to undergo medical and cognitive examinations prior to obtaining coverage in this case.
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