Supplemental Insurance Policies
1 - What it is
Supplemental insurance is a type of insurance package that is meant to fill in the holes of other insurance packages that do not fully cover a certain aspect of life that an individual needs to cover. A supplemental protection package can usually only be instituted on behalf a person with a certain type of primary insurance policy.
2 - Who it is for
A supplemental protection package is a good investment for an individual who needs additional coverage for a certain aspect of his or her life. Most people equate supplemental protection with the medical industry; however, supplemental protection can be created for a person or a business for any reason.
3 - How it works
A supplemental protection package usually kicks in after the primary insurance package stops paying or refuses to pay. Because supplemental protection is meant to work in tandem with another primary insurance package, the two usually cannot cover the same thing at the same time. However, a supplemental package can cause a primary insurance to kick in more quickly by covering the deductible that a primary insurance package requires.
4 - Different types of coverage in existence
There are different kinds of supplemental protection packages for personal use and for business use. There are also different kinds of supplemental protection depending on the type of primary insurance package that a supplemental package is meant to bolster.
5 - Major benefits
The greatest benefit of a supplemental protection package is its ability to cover all of the holes in a primary insurance package. Supplemental protection also has the ability to completely cover any deductibles that would otherwise be necessary for a primary insurance package to kick in. Together, a supplemental and primary insurance coverage package may actually save an individual a great deal of money.
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