Millions of Americans entered a March Madness pool last week.
This week, many of those millions are shaking their heads over their busted brackets. The NCAA basketball tournament is known for its stunning upsets, and this year is no exception. St. Peter’s beating Kentucky? Richmond defeating Iowa? It’s madness!
But other pool entrants took the surprises in stride. These folks planned ahead and filled out “an insurance bracket” which included upsets by Cinderella teams.
For a small extra cost, these individuals obtained protection that allowed them to relax — no matter what lay ahead.
Kind of like consumers with supplemental insurance products.
Supplemental policies from life insurers pay benefits directly to policyholders when they suffer an unexpected illness or injury. Consumers with supplemental insurance gain valuable peace-of-mind, knowing that they will have cash to use as they see fit.
When a wage earner is hospitalized, the household expenses keep coming. Think rent or mortgage payments, child-care, and cell phone costs, just to name a few. And even if they have medical coverage, they could easily be hit with high deductibles and co-pays.
The cash benefits from supplemental policies can be used to help a family pay any of those expenses. Or they can provide funds for travel and lodging when a family member is hospitalized far from home. These benefits can be especially helpful during lengthy hospital stays, supplying families with a crucial financial boost when they need it most.
It’s important to mention that supplemental benefits from life insurers are “in addition to” and not “in place of” medical health insurance. They are an important part of a family’s financial protection puzzle, providing American families with financial security when life takes an unexpected turn.
It’s impossible to predict what will happen next, on the basketball court or in the game of life. But people with supplemental products can sleep easier at night. Their policies will be there for them, no matter which way the ball bounces.
Rikki Pelta is Counsel at the American Council of Life Insurers (ACLI). She is responsible for supplemental benefits, paid family & medical leave, and market conduct. She joined ACLI in 2018
