Supplemental Term Life (STL) insurance delivers valuable, budget-friendly protection designed to supplement any existing coverage and help keep your life insurance on track.

You may have heard the saying, “Life insurance isn’t for the living. It’s for the people they leave behind.”

The reason to consider purchasing this STL insurance is simple: to strengthen the financial security you already have in place for your family in the event you (and your income) aren’t there to support them.

Loved ones may rely on you for living expenses like a mortgage or rent, car loan, credit cards, groceries, and more. Your income is also essential for financing savings for future goals such as college for children and retirement. What happens if your “safety net” isn’t large enough?

Once you’re enrolled in this coverage, your family will be protected by an added cushion of life insurance that helps you keep your overall financial security game plan current. Features include:

• Cost and convenience. Since you are applying for coverage through your employer’s benefit program, you have access to competitive group rates. The rates may be lower than what you could find for an individual policy. Along with affordable rates, you have the convenience of payroll deduction. Payments are automatically taken from your paycheck on a post-tax basis.
• Easy enrollment. Apply within 30 days of your eligibility date.
• Simplified enrollment privileges. If you are a full-time associate applying when first eligible, you can apply for up to 2 times your basic annual earnings to a maximum of $250,000 by successfully answering a few health questions. If you are a part-time associate applying when first eligible, you can apply for up to $50,000 by successfully answering a few health questions.

Over time your needs change, and you want your life insurance to keep current with those changes. You also want it to keep pace with inflation because it can work to effectively decrease the buying power of your existing coverage.

Think of it this way: if a $100,000 policy was enough for your needs 10 years ago, is that same amount enough for your family’s financial needs today?

Here are some reasons to update your coverage:

• Do you have any additional dependents (spouse, parent, child) since you last increased your coverage? If so, that means another person to take care of if something happens to you – expenses like food, clothing, medical, education and more.
• Have you taken on any additional debt – such as a mortgage, second home, car loan, home equity loan, higher credit card balances, etc.? If so, that means more financial obligations for your surviving family to handle if something happens to you.
• Have any other personal circumstances changed? If you’ve gotten a raise or promotion at work, you may want to update your coverage.

One of the best ways to ensure you’re protecting your family adequately is to update your total life insurance coverage sooner rather than later. You don’t want to be in the position of postponing your purchase of more life insurance because you’re in good health today, then get a medical diagnosis down the road that prevents you from getting additional coverage later.

In the event your family does need to access funds, supplemental life insurance provides money quickly and doesn’t come with penalties or downsides that tapping into some investments might have.

The bottom line: updating your total life insurance picture can help ensure your family’s financial security is on track.

There are 4 periods when you are eligible to enroll for STL insurance while answering minimal questions:

1. Within 30 days of your initial eligibility date.
2. During special enrollment periods as offered by your employer and the insurance provider.
3. Within 30 days of marriage.
4. Within 30 days of the birth or adoption of your first child. Coverage for a newborn will begin when the child is 14 days old; however, the application for coverage could be received immediately following the birth.

Keep in mind: You can enroll in this coverage outside of these periods, but you will be required to answer a more comprehensive health questionnaire and submit Evidence of Insurability.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

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