I am a married woman with no children. My husband does not have benefits through his job, so I carry all the insurances. He does however have a policy on himself through an outside company. I am doing my enrollment for my 2010 benefits through my employer. I currently have employer paid basic and I also have supplemental , (for extra piece of mind). My question is, in addition to the supplemental , I also have an option for supplemental spouse . Does that mean if something happens to my husband my will pay me? I’m confused.

 

  • Susie T 5:08 pm on March 10, 2010

    Typically in group life insurance, you, the employee, have $x of life insurance as Basic. Then you can choose to add Supplemental (more). Your spouse usually gets a Basic amount, maybe $25,000 or some small amount. Then you can also choose to add Supplemental (more) on your spouse; it’s optional and you have to pay for it.

    Sometimes the company pays for the Basic, but you have to pay for the Supplemental (additional), whether on you or your spouse. Decide how much money you would need if your spouse dies, and use that to decide if you need Supplemental insurance on him.

    Group term insurance is the cheapest insurance there is, so if it isn’t too expensive and you need additional income if your husband died, get as much as you can (if you can afford it).

  • jlf 5:09 pm on March 10, 2010

    Yes, that’s what it means. Life insurance on YOUR spouse.

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