Young adults who are just beginning their careers and trying to start a family have a lot of responsibilities. To protect themselves and their loved ones, it’s important to have the right insurance policies in place. But with so many options to choose from, you may be wondering which plans are right for you. In this article, we’ll cover some common supplemental insurance plans to consider for your growing family.
Additional term life insurance
Many financial experts agree that working adults should have life insurance that covers at least several times their income. The idea is that if the policyholder passes away, their partner could continue to support the family for at least the next few years.
If you don’t already have life insurance or are looking for an easy way to increase your benefit, then you may wish to check with your employer. Many group life insurance policies will allow participants to add on additional coverage for a small monthly fee.
Note that if the level of benefit you’d like to add exceeds some predetermined limit, then the provider may require a medical exam. This is also a common practice with private life insurance providers.
Long and short‐term disability insurance
If you get injured at work, get into an automobile accident, or come down with a serious medical condition, what would happen to your income? When an injury or illness occurs, many people have to take significant time off work that can jeopardize their financial situation.
To help protect your family and help save them from debt or financial ruin, a smart move is to ensure that you have an adequate amount of disability insurance. Although each policy varies, many plans will typically replace a high percentage of your income if you have a qualifying event.
There are two types of disability insurance you may want to have:
- Short‐term disability insurance is designed to cover you for 3 to 6 months. ● Long‐term disability insurance is intended to cover you for 6 months or longer, possibly up to several years.
Again, check with your employer’s provider to see how much this supplemental plan would cost and weigh the potential benefits.
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Other voluntary plans
Many company benefit packages offer several other types of insurance options. Here are a few additional ones to consider:
- Accidental Death and Dismemberment (AD&D) – This is similar to a life insurance policy. This type of rider can provide extra benefits if you were to pass suddenly due to an unintentional death or dismemberment.
- Critical Illness Insurance – This type of insurance helps with the treatment of costs of life‐changing illnesses and health events, so you can stay focused on recuperation. ● Accident Insurance – Accident insurance help provide an extra layer of protection when you suffer an unexpected covered accident. This can be especially helpful for parents of children who are in organized sports and may have a higher probability of experiencing an injury.
- Hospital Indemnity Insurance – This type of insurance is intended to cover the expenses of you or a family member while they stay at the hospital. Payments are made in a lump sum regardless of if your medical insurance covered the actual cost of the hospitalization.
While some of these supplemental insurance options may be pricey, remember that each one is designed to help protect you and your family in some unique way. Discuss them with your partner, determine the likelihood that you’d ever use them, and then adjust your budget to accommodate the ones you consider to be the highest priority.
Coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York. This is a brief product overview only. Coverage may not be available in all states, including but not limited to ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Plans and riders may also contain a waiting period. Refer to the exact plans and riders for benefit details, definitions, limitations and exclusions. For availability and costs, please contact your local Aflac agent/producer. Term Life: In Arkansas, Idaho, Oklahoma and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052, ICC1368053, ICC1368054, ICC1368055. Short‐Term Disability: In Idaho, Policy A57600IDR.In Oklahoma, Policies A57600OK, A57600LBOK. In Virginia, Policies A57600VA, A57600LBVA. Critical Illness: In Idaho, Policies A73100ID & A7310HID. In Oklahoma, Policies A73100OK & A7310HOK. B71100OK & B7110HOK. In Virginia, Policy A73100VA. Accident. In Idaho, Policies A35100ID‐A35200ID, & A35B24ID. In New York, Policies NY35100‐NY35400, NY35B24, & NYB35OF. In Oklahoma, Policies A35100OK‐A35200OK, & A35B24OK. In Oregon, Policies A35100OR‐A35400OR, A35B24OR, & A35BOFOR. In Pennsylvania, Policies A35100PA‐A35200PA, & A35B24PA. In Texas, Policies A35100TX‐ A35200TX, & A35B24TX. In Virginia, Policies A35100VA‐A35400VA, A35B24VA, & A35BOFVA
Content within this article is for informational purposes only and does not constitute legal, financial or medical advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision‐making process.
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