What is voluntary insurance?

April 2014

Some types of insurance are must-haves.

State laws require drivers to have auto insurance, and mortgage companies insist that homebuyers purchase property insurance. The premise is pretty simple: If you cause an accident or your home is damaged, your insurer helps pay the tab.

Voluntary health insurance, also called supplemental insurance, is different because no one says you have to have it.

So why do you need it?

Simply put, voluntary insurance helps policyholders protect their financial well-being in the event of a serious accident or illness. The benefits it pays can help policyholders with the medical and out-of-pocket expenses that major medical insurance may not cover after an illness or accidental injury.

With so many types of voluntary insurance, it’s up to the individual to decide which type fits their lifestyle and needs; see this 101 Guide to Voluntary Insurance for the details.

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