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What is supplemental insurance? Is supplemental insurance really necessary? Are there different types of supplemental insurance? Is it very expensive? Can you purchase it through payroll deduction at work? These are the typical questions people ask when talking about supplemental insurance.
Throughout my paper, I am going to answer each of these questions and give you a better understanding of the benefits of supplemental insurance. Supplemental insurance is any insurance policy that is helping to supplement the insurance that you already have. Supplemental benefits provide people with the opportunity to access a life and / or Disability Insurance Protection Program which will meet their individual needs. Many employers are starting to offer more voluntary benefits because employer-provided benefits cost has increased. The voluntary supplemental program can provide valuable benefits to employees and at the same time not increase employer costs (Voluntary Supplemental). There are many different types of supplemental policies offered from various companies such as: Accidental Death Benefit, Spouse and Child coverage, Hospital Confinement, Personal Accident, Intensive Care, Voluntary Group Life, Group Medicare, and Cancer.
Many employers do offer payroll deducted plans for coverage. The payroll deducted plans are less expensive than the policies that are just bought from an agent. The best thing to do if the company you work for offers any of these benefits, is to take advantage of each and every one of them. For example, I am a twenty-four year old, single, female with an excellent bill of health and I have every policy that AFLAC (my employer) offers.
Why you may ask? My answer to you is you never know what tomorrow may bring. I would like to say that nothing bad will ever happen to me but the truth is I honestly do not know. Cancer does run in my family and I want to make sure that I am covered now with no medical complications instead of being diagnosed with cancer and trying to deal with the grief that I will feel and the money that it will cost. Another good example, my mom and her best friend were heading out of town two years ago and they were sitting at a stop sign waiting for cars to pass so that they could turn left. When all of the sudden one car hits another flipping it right into my moms car (luckily, no one was hurt).
My mom and her friend had ride to Martin Army hospital in an ambulance and it cost them $ 500 a piece. Had they not had supplemental insurance that money would have had to come out of their pockets. An accident can occur at any given time or place and it is better to be prepared. The shock of any accident or diagnosis is enough to handle instead of adding to that a monetary debt for hospital bills. Remember to always be prepared for anything At this time, I would like to talk about individual, supplemental policies. Life insurance is a very important part of our lives.
Everyone should get a life insurance policy especially those people that have family members that they support whether they are children or disabled parents. No one expects to die but it happens everyday and people end up being unprepared for what is to follow. Funeral arrangements, hospital bills and monthly bills will take a large chunk of money Supplemental Life). Having a supplemental life insurance policy helps you to just focus on the loss of your loved one instead of worrying about how to pay the bills. I pay $ 5. 36 a month for a sixty thousand dollar life insurance policy from AFLAC. That not a large sum of money to pay what my family will get out of it if I happen to pass away.
Prices do vary on these types of policies due to age and health. The cost does increase as you get older and enter a different age bracket. Along with this policy some companies offer the Accelerated Death Benefit (Supplemental Life Insurance). You are probably asking yourself what that is and what can it do for me so I will tell you. The Accelerated Death Benefit helps you if you have been diagnosed with a terminal illness and have less than a year to live.
You can actually get a cash advance on your life insurance policy of up to fifty-percent of your policy (Supplemental Life Did you know that it costs about eleven hundred dollars a day to be hospitalized? Did you know that being hospitalized causes numerous out-of-pocket expenses such as: loss of wages, child care expenses, home care, special equipment and special medication (Voluntary Indemnity Plan)? AFLAC offers a VIP Indemnity policy that helps you get through times of hospital confinement. AFLAC will pay a certain amount to you each day up to one hundred and eighty days under their Voluntary Indemnity policy. They do not, however, pay you if your confinement was caused by self-infliction, drug and alcohol abuse or unnecessary surgery, just to name a few Since 1990, approximately eleven million new cases of cancer have been diagnosed. One out of two men and one out of three women are at risk of developing cancer, according to the American Cancer Society (Personal Cancer Plan).
AFLAC has an excellent Personal Cancer policy. Within in this plan AFLAC helps to pay for hospital confinement, radiation and chemotherapy, experimental treatment, anti-nausea pills and many more. John Amos, Aflac's founder, died of cancer and they take their plan very serious in trying to beat this disease. During our Employee Appreciation week we had a guest speaker from New Jersey. He spoke of how his AFLAC policy help support his family financially while his twelve year old daughter, who was diagnosed with a rare form of leukemia, was in the hospital. He of how the other parents of cancer children were having a very hard time coping with their childs diagnosis and the hospital bills.
He spoke of how happy he was to have been able to spend so much time at the hospital with his daughter because of the policy he had. Another great thing about his story is that his daughter had been in remission for two years now. Is that not the neatest story of how AFLAC helped a family in need. After hearing this story, it confirmed that I had done the right thing by getting this policy for me. AFLAC definitely takes cancer serious and is a proud sponsor of the Ronald McDonald House and the Eggleston Cancer Center in Atlanta. AFLAC also has a Personal Hospital Intensive Care policy.
This helps to provide funds for expenses associated with intensive care. They will pay six hundred dollars a day for up to a weeks stay in intensive care and one thousand dollars a day for eight to fifteen days in intensive care (Aflac's Personal Hospital). With this type of monetary support you are not likely to get deeply in debt from not Did you know that over one-third of all injuries needing emergency department visits occur at home? Every six minutes there is an unintentional injury related death. The leading cause of death for people ages one to thirty-four years old is unintentional accidents.
I feel that every parent should have this type of coverage to help in any type of intentional emergency. This policy will pay you directly, unless you state differently. What more could you ask for? Medicare policies are starting to get more popular these days because the Medicare funds are getting to an all time low. People are finding that after working all those years and putting all their money that there is not much there when they need it. There are a few companies that have a great supplemental policy for Medicare.
We all need to remember that we need to plan ahead way into our future because the benefits of yester year are gone. We spend so much money taking care of people who have no insurance that there is no help for the ones who are disabled and elderly. I think that starting at the age I have planning and anticipating anything that could happen to me or my family is better than just sitting around waiting for it to happen and not being prepared when it does. If I can reach out to at least one family and help them better prepare for the future, then I have helped a family in need and our economy at the same time and that means a lot in todays society. There are numerous insurance companies that offer supplemental insurance policies.
You should check into each one and ensure that you are getting the best policy for you and your family. Right now, it is easy for me because I only have to think about myself. One of these days, I will have to change my strategy and ensure that I am providing the best way support for my family that I can. Waiting until an accident occurs is not the way to go when Check the internet and check with insurance commissions to which companies are legitimate and which ones are not.
Ensure that you read all the fine print on each policy that you sign to eliminate any If you company does offer all different types pf benefits, take advantage of and every one that will fit into your budget. You can always get more insurance at a later date. Ask your agent as many questions as you can think of. Find out what used often and what is not. Most agents have numerous data statistics and this can play a part in helping to decide what is best for you and your loved ones. Perhaps you could even help one of your elderly loved ones that may not be able to put much money into a policy.
Having a relative around longer more than compensates for the minimal price you would have to pay. I honestly do not think that you should put a monetary value on life. There is nothing more precious and dear to I hope that you are a little bit more informed about supplemental insurance. There are a lot of good things that come out of these policies and perhaps sitting down with an insurance agent discussing how to fit it in your budget if it is not offered at work is the right choice to make. Most of the things I have learned, I have learned in this last year in human resources at AFLAC. I have mainly discussed Aflac's products because I feel that I know them best and feel that they are all great products.
Do you know the name and location of the number insurance company to work for in America? You guessed it, AFLAC, which is headquartered here in Columbus, Georgia. This company was started by three brothers who felt that one day people would really need supplemental insurance. In the last 4 o years, they have come a long way from a one of business to numerous buildings and more on Today, I went over the different types of supplemental insurance that is offered. No, it is not a necessity right now for some people but it could become necessary at any given minute. Just like what happen to the gentleman from New Jersey who found out his daughter had a rare cancer.
Or the unintentional car accident my mom and her best friend were in. These things can happen to anyone at anytime and it is better to be prepared than destitute within a few days of an unexpected accident. Remember to keep your family in your thoughts at all times when buying insurance. Bibliography: Works Cited Personal Cancer Plan Pamphlet.
U. S. : AFLAC, 1999. Supplemental Life Insurance Pamphlet. U.
S. : DMU Agency, 2000. Voluntary Indemnity Plan Pamphlet. U. S. : AFLAC, 1999.
Voluntary Supplemental Benefits Plan. U. S. : DMU Agency, 2000. web
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Research essay sample on Benefits Of Supplemental Insurance
