SUPPLEMENTAL Insurance
When you buy a new insurance policy, you generally expect it to provide you with specific benefits that can prevent you from experiencing financial loss. However, there are instances when your expenses related to a claim far exceed your coverage and benefits or when you have gaps in coverage. It can be difficult to know when such expensive events will happen in your life, but you can better prepare for these types of events by purchasing a supplemental insurance policy to round out your coverage.
A supplemental policy is not purchased to be your main coverage. Instead, it is a type of backup coverage that kicks in when the benefits from your primary policy have been exhausted or when you have a gap in coverage. Many people have been in a situation where they were forced to pay expensive bills because they only had limited coverage on their primary policy, and supplemental insurance can prevent this from happening to you.
It is important to review your current insurance policies carefully. Take time to examine their limits as well as coverage exclusions. Consider your overall risk associated with the limitations offered by your current coverage. Then, explore the supplemental coverage options available to determine how beneficial a supplement plan can be. Many supplemental plans can be added to your insurance portfolio for minimal cost, and they can help you to easily cover the gaps and limits associated with your current coverage.
If you are ever in a situation where your current coverage has been exhausted, or when your primary coverage does not cover a particular type of expense, you can easily file a claim on your supplemental plan. The claims process requires you to contact your insurance company directly, and you typically will be responsible for paying a deductible on the supplemental plan. The supplemental coverage may then cover most or all of the outstanding expenses that you otherwise would be responsible for. By taking action now to review your coverage and to purchase a supplemental plan as necessary, you can ensure that you are fully covered for a worst-case scenario.