Access Big Benefits with Supplemental Insurance

BY Shane Bennett, CDMP Posted June 02, 2021

No one plans to get sick right? We can only hope not, yet an alarming statistic everyone is afraid to talk about is that medical expenses are the number 1 cause for bankruptcy. One minute you’re counting your earned millions and if you’re not careful, the next, you’re broke as a joke. 

On episode 2 of Life Happens, guests Iakida Johnson and Kayon Walker-Heslop shared candidly about personal and client-related situations that caused a shift in their own personal finances; today we’re dealing with it, the nitty gritty of Supplemental Life Insurance and how you can access big benefits, today. 

Top Takeaways From Episode 2
1. You May Not Have Enough Insurance –  You work for a company and part of the benefits package is health and life insurance but who says you have enough? Waiting until you’re in the situation for a card to be swiped isn’t the best way to find that out. Here’s what you can do to fix it, today.

What to do:
Educate Yourself; Start with Your HR Representative– talk with them about offering Supplemental Insurance through Sagicor and sign up on our online portal if you haven’t done so and get real-time access to your policy details and benefits schedule so that you can check balances and see what you’re actually covered for, this will help you to determine if you need additional coverage for yourself and your loved ones. 
 
Ask the hard questions – Truth be told, after learning about your policy you may be underinsured, over insured or just the right amount, sit with your HR Representative and assess what your current needs are to see what your actual life looks like and how you can plan accordingly. The quality of your life is important as insurance protects your money.
 
2. Apply for Supplemental Insurance  – If you’re anything like me, you love to save money. What better way to do this than to secure your funds with insurance? After your sit down with your HR Representative, it’s time to plan for the possible worst (critical illness) and financially best that can happen (supplemental insurance). What is Supplemental Life or Supplemental Health Insurance you ask? It's a type of coverage you can purchase in addition to a whole or term life insurance policy. If you're a full-time employee, your company may offer supplemental life insurance for free or a very low cost. It’s simply a top-up on your existing policy to allow for little or no payment to come out of your pocket at the time when you’re accessing the benefit.
 
What to do:
Visit  the Sagicor Connect portal and apply for Supplemental, there’s a wide range to choose from – parental, dental, critical illness, among others to protect your family. It comes in effect at your next premium date (for most companies, premiums are paid monthly) and then you’re free to swipe away. Nothing feels as good as swiping your health card and you end up paying nothing, nada, zilch, zero. $0. The beauty is that it only costs a little over $1000 max for the highest plan, per month. That's about a box food on a good day!

There you have it! The second set of tips you’ll need to ensure that you are secure in your finances. Applying for supplemental insurance to save you MORE money.

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