What is Supplemental/Supplementary Insurance?
Supplemental Insurance offers cash benefits on top of other coverage that may already be in force. Often times when a person gets hurt or sick the benefits they receive from work, government services or other insurance isn't enough. In the majority of cases the income they receive is only a fraction of their pay. Many people live paycheck to paycheck and are unable to pay for day-to-day expenses after a disaster. Supplemental Insurance coverage fills in these gaps in protection.
Types of Unexpected Expenses:
Almost everyone has day-to-day bills to pay like the mortgage, car payments, loans, credit cars, utilities, phone, internet and other insurance. However, when a person becomes hospitalised they often have to cover the costs of private rooms, transportation, casts, medical equipment, alternative surgery/treatments or even simple luxuries like having a television. Sometimes a person may have individual or group coverage from work but may have to pay deductibles or a co-insurance factor. They may only be covered for 50-90% of their income in the event of injury or sickness. Other times the insurance coverage may be limited to a specific condition or environment where the injury takes place that you may not be aware of.
How easy is it to qualify and claim on Supplemental insurance?
Typically, Supplemental insurance is far easier to qualify and claim on than other insurance. In most cases accident insurance have standard rates applied that don't increase based on claims or circumstances in life. Sickness coverage is often times easier to qualify as well although there may be restrictions or exclusions on pre-existing conditions. Waiting times to receive benefits are usually less than other typical insurance.
Where can I get more information/purchase supplemental insurance?
If you live in Ontario, Canada you can visit https://insurancesudbury.ca
Having the right coverage from a trusted professional can make all the difference in providing peace of mind!