Following the pandemic, people have increasingly sought new ways to protect themselves financially in times of need. One avenue that is gaining popularity is supplemental insurance.
However, amidst the growing interest, this type of insurance is still surrounded by many misconceptions.
In this blog, we will debunk four common misconceptions you may have about supplemental insurance.

Misconception 1: “I Already Have Enough Coverage from My Primary Insurance.”
One of the most common misconceptions people have about supplemental insurance is that it is redundant, considering they already have coverage from their primary health or life insurance policies.
This belief fails to recognize the unique benefits that supplemental insurance can provide. Unlike primary insurance, which may only cover specific medical expenses or provide a fixed sum in the event of an unfortunate incident, supplemental insurance complements the existing coverage by filling the gaps that may be left behind.
For example, a person undergoing treatment for a critical illness may have substantial expenses not fully covered by their primary insurance. Supplemental insurance can step in and provide additional financial support for expenses such as travel and accommodation during treatment or other expenses. Supplemental insurance serves as an extra layer of coverage, ensuring comprehensive coverage and peace of mind.

Misconception 2: “Supplemental Insurance is Expensive and Not Worth the Cost.”
Another misconception is the perception that it is an unnecessary expense.
Since there are various options available for all types of supplemental coverage, it’s easy to find one that’s right for you. Working with your financial institution to choose the right supplemental coverage option can streamline registration and account management and help you find the perfect fit. Meet with them to discuss the potential for long-term savings and benefits of enrolling in supplemental insurance.  
The truth is, a relatively small premium for supplemental insurance can help safeguard you from unexpected expenses.
Compare the cost of supplemental insurance to the potential financial ramifications of being underinsured to help determine if it’s worthwhile for you.

Misconception 3: “Supplemental Insurance is Only for Seniors or Unhealthy Individuals.”
Many people believe supplemental insurance is designed exclusively for seniors or those with pre-existing health conditions. This misconception stems from a lack of awareness about the diverse range of supplemental insurance products available in the market today.
Supplemental insurance is inclusive and caters to people of all ages and health statuses. From hospital accident insurance that covers hospitalization after covered injuries to recuperative care insurance that helps with costs associated with recuperating after a covered accident or injury, supplemental insurance plans are tailored to suit various needs and lifestyles.
It’s not just group accident and sickness coverage, either. Pet insurance can help you take care of the animals you love with fewer surprise vet care costs, and products like cyber insurance can serve a large population in an age when people have devices for just about everything they do.

Misconception 4: “Filing Claims for Supplemental Insurance is Complicated and Time-Consuming.”
A common deterrent when considering supplemental insurance is the misconception that filing claims and receiving benefits can be a cumbersome process.
Purchasing supplemental insurance through your financial institution can simplify the process by receiving a seamless and simple registration, account management, and claims experience. This is especially true for financial institutions that utilize a digital-first approach. This will allow you to handle much of your account management on your own, but also speak directly to expert customer experience representatives who can guide you when you need additional support.

Additional Coverage for Peace of Mind
Knowing that you have additional coverage can provide peace of mind. Supplemental insurance can offer a safety net, ensuring that unexpected expenses won't jeopardize your financial stability or derail your plans. Your financial institution can help you determine the best supplemental products for you and help you simplify the process.