Supplemental Life Insurance

Supplemental life insurance coverage helps fill in the blank spaces left in tradtional term and permanent life insurance policies. Supplemental life insurance policies can help ensure that your beneficiaries recieve everything you intend them to recieve without having to worry about final expenses which can be quite costly. Read more to find out everything you need to know about supplemental life insurance and compare quotes.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 14, 2021

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Quick Facts

  • Supplemental life insurance is coverage designed to complement whole or term life insurance policies.
  • Many companies offer their employees free or very low-cost supplemental life insurance, check with your employer to see if this coverage is offered to you.
  • Supplemental life insurance policies can cover a number of different things like burial expenses, dismemberment, and accidental death.

You’re probably already aware of the importance of life insurance, but what do you know about supplemental life insurance? These policies can be very important in providing a person with complete coverage for any situation that may arise in their life.

Term and permanent life insurance policies only cover so much. The simplest way to understand supplemental life insurance is to think of it like a blanket that covers the blank spaces left behind by term and other life insurance policies.

However, this means supplemental life insurance is not meant to be the only life insurance coverage that you have. We’ll look into supplemental life insurance in more detail below, and go over all the aspects of this insurance that you will need to know.

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What is supplemental life insurance?

Supplemental life insurance is life insurance coverage purchased to complement a term, whole, or permanent life insurance policy.

These additional insurance policies allow people to increase their life insurance coverage to better protect their family’s financial well-being in the event of their death.

In many cases, supplemental life insurance policies are sold to cover things like burial expenses and accidental death.

Final expenses can be very costly and use up life insurance benefits that you had intended for another purpose. Supplemental life insurance policies ensure these costs don’t affect your loved one’s insurance benefits.

Additionally, supplemental life insurance policies can cover you in the event of dismemberment. While dismemberment might not be fatal, it can seriously hamper your ability to earn a living and provide for your family. Supplemental policies help with these costs too.

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How much does supplemental life insurance cost?

The cost of supplemental life insurance will vary based on a number of factors. The biggest factor concerning the cost of supplemental life insurance is how much coverage you want. Some people have more gaps in their life insurance policies than others.

Typically, you will be charged for each $1,000 dollars of supplemental life insurance that you want to buy. Take a look at the table below with average costs of supplemental life insurance by age and $1,000 dollar increments.

Average Cost of Supplemental Life Insurance by Age
Age RangeAverage Cost per $1,000 of Coverage
Less than 30$0.0140
30 thru 34$0.0165
35 thru 39$0.0230
40 thru 44$0.0325
45 thru 49$0.0545
50 thru 54$0.0865
55 thru 59$0.1380
60 thru 64$0.1855
65 thru 69$0.2850
70 and over$0.5000
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Supplemental life insurance policies, like many other types of life insurance, get more expensive as you age. Still, supplemental life insurance remains relatively inexpensive even as you get older, and offers valuable coverage to many people with traditional life insurance policies.

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Where can I get supplemental life insurance?

Many employers offer supplemental life insurance policies at little to no cost to their employees. You can also buy supplemental life insurance policies from most major life insurance providers as well.

Why should I buy supplemental life insurance if I can get it from work?

The issue with most employer-based insurance plans is that they are rarely portable. Do you plan to work at the same job for the rest of your life? It is not a bad idea to have your own supplemental life insurance policy free from the entanglement of your employment in case you leave.

Supplemental life insurance coverage is not that expensive, and it can give you peace of mind to know that even if you lose or change your job, you will still be covered. Many people choose to buy their own supplemental life insurance for this very reason.

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Final Thoughts: Supplemental Life Insurance

Supplemental life insurance is a great option for extending your life insurance coverage and ensuring the people you love are taken care of in the event of your death or dismemberment. These policies are often very affordable.

Most employers also offer some type of free or low-cost supplemental life insurance coverage to their employees as well, but you may want to consider getting your own policy since many of these employer policies are not portable.

If you’re ready to buy supplemental life insurance, enter your ZIP code below to compare cheap supplemental life insurance quotes in your area.

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