Supplemental Insurance Policy Coverage Needs - Is Your Wallet Smarter Than Your Emotions?

Does taking out additional insurance protection cover make sense? 90% of the time, emotions, instead of needs, are reasons to take out additional insurance of all types. Emotional selling of a lead blocks the reasons why supplemental insurance is often not a logical way to open your portfolio. Prospects use 10% logically thinking about some protection need before letting their brain feel emotions they can't resist.

There are thousands and thousands of agents who feed on people's emotions to sell supplemental insurance. Often times, they are the type where risks rarely arise or where the payment does not replenish what the wallet pays. Now, I am not saying that purchasing a supplement policy is always a bad decision. The buyer actually has to sit down with a pen, paper, and a calculator to determine a major factor. This major factor is risk. See if the policy will cover the needs and risks that may cause a financial burden. If this risk is true, then logic and common sense dictate the purchase of coverage.

Reasonable additional insurance protection

To do the math, the following types of health and life coverage are a good idea to consider. There are major gaps where large medical or normal life insurance policies often have needs where great financial risks remain exposed.

1. Medicare Supplements Over 90% of Americans have one of various private or employer Medicare supplement policies to cover virtually all unpaid government hospital and doctor bills. Some prescription benefits are also included.

2. Long Term Care Insurance Too many people have enough savings to cover $ 60,000 per year of outside coverage. In addition, the elderly may need expensive home health benefits that Medicare does not cover.

3. Disability insurance No one knows when an illness or an accident can occur. Work is impossible for moths, years, or life. The government is not going to help you unless you go through a long procedure and are disabled enough to receive a disability from Social Security. That is why having disability income is a necessary protection.

Sometimes reasonable supplement coverage needs

Having a policy in this area makes sense if your situation matches the risks involved.

4. Mortgage Accident Protection You may not be able to afford quality disability insurance, but you don't want to lose your home in an accident. Mortgage Accident Coverage can make the mortgage payments.

5. Mortgage life insurance coverage You need to make sure that in the event of sudden death, your home is not in danger. Both heads of household must be protected for the mortgage balance to be repaid.

6. Burial insurance Be careful here. If you don't have life insurance or if your coverage ended when you retired, funeral life insurance should be considered. It is especially attractive to the elderly because the policy can be guaranteed to be issued regardless of current medical conditions. Of course, full benefit limitation riders are often included in the coverage.

Additional insurance coverage unnecessary?

Here's where you need to put your logical thinking cap on. Don't let your emotions control your wallet. Ask yourself if there is a real risk that will destroy your life financially if you don't have it. If your employer pays, that's great. The money coming out of your pocket could be spent elsewhere in a wiser way.

7. Travel Insurance Are you so afraid that the plane you are traveling in will crash?

8. Pet Insurance Your pet may have a better personality than you children. Will a pet cemetery funeral protect his soul from predators? Would the back yard with the occasional flowers be a better place to rest?

9. Hearing insurance Yes, you heard that right. Modern technology is bringing the cost of hearing aids down to a reasonable price. Most reputable hearing establishments accept payment plans.

10. Accidental Death and Dismemberment Do you plan to have an accident where you lose your right hand and left leg? Different payments are made depending on the situation. You could probably get a better payout by playing dice.

11. Cancer Insurance This is a gigantic emotional salesperson for insurance sales agents. How about a policy covering hair loss or wrinkles?

12. Hospital Benefit Under this additional coverage plan, you really get coverage that you don't need. You can afford to pay for a TV or phone for the few days you are hospitalized.

13. Co-payment prescription plans Just look at this protection this way. Would a business offer this plan if they paid more in claims than the money they received from you and others?

14. Vision Insurance How often do you really need expensive eye exams or designer glasses? The limitations of the benefits of the policy will always leave you with a loophole.

15. Dental Insurance It's great if your employer has a paid plan. It is doubtful that a private plan will have comparable benefits. You can end up having a lot of tooth cleanings just to feel like you're not paying for anything.

16. Critical Care Coverage Outside of North America, in countries where major medical coverage is not available or too expensive, it is a major seller. There are thousands of medical and accidental conditions that can send you to a doctor or hospital. Here, the benefits are not much more than the payment for certain heart problems, strokes, cancers and other serious illnesses.

There are a multitude of supplementary protection schemes in the supplementary insurance policy. Ask yourself if buying the policy is going to satisfy both your logical and emotional needs. Otherwise, you just signed up on the insurance company profit list.

Well-published author Don Yerke likes to focus on what you don't know or what no one else dares to print. Say it like it is.