Supplemental Life Insurance
If you already have a life insurance policy and would like to increase your benefits, you should consider purchasing a supplemental life insurance policy. Most individuals who have a plan through their employer seek to enroll in a policy with a private insurer. With a standard life insurance company, you can purchase a group term policy in intervals of $5,000. It can be up to 3x your annual salary or $300,000, whichever of the two is less.
Another option with a standard insurance company is to purchase a dependent term life insurance policy outside your workplace; this can give you coverage for $2,000, $4,000, $6,000, $12,000 or $15,000 for eligible dependents and your spouse.
If you decide to get a policy that is three times your salary, you will have guaranteed approval as long as you enrolled 30 days of the date you were hired or your eligibility approval.
Supplemental Policy Options
With some companies, like Aetna, you will be able to purchase a group life insurance plan for one, two or three times the amount of your annual salary - or $300,000 max. The coverage you have is adjusted automatically as your salary changes in the future; your coverage will also be affected as you grow older. If you have children, you can get coverage for them or your spouse for $5,000 each - as long as they are eligible. You can enroll in this benefit package when you first apply through your employer.
With Reliaster/ING, you are given the life insurance coverage for three years. You can buy a policy in intervals of $10,000, but your maximum limit is $250,000. If you enroll within 30 days of your hire date or eligibility status you are guaranteed coverage for up to $30,000. If you would like more benefits, it is up to the insurance company whether you are approved or not. You can also get life insurance for your spouse and children.