Critical Illness*
Surviving a critical illness can take a financial toll on employees and their families. Critical illness insurance helps supplement key benefits such as medical and disability coverage by providing a lump sum cash benefit. This can be used to help pay for additional expenses such as medical deductibles, travel cost, home healthcare, lost income of a spouse, or even a vacation.
*Specified disease in New York.
Critical illness update
Principal® is currently enhancing our critical illness product. States are in the process of being approved to offer the new product with its additional covered conditions. See state approvals. (GP62659) (PDF)
Expanded critical illness coverage
In approved states, voluntary critical illness insurance from Principal Life Insurance Company covers the following critical illnesses:
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Original covered conditions—Pays on 1st occurrence and additional occurrences |
New covered conditions—Pays on 1st occurrence only |
New children-specific covered conditions—Pays on 1st occurrence only |
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Not all coverages available in all states. See employer materials below for state-specific covered conditions.
We offer voluntary coverage for groups with as few as 5 lives. Must be sold with another coverage. Some provisions may vary or not be available in some states.
- Pays a tax-free1, lump-sum cash benefit to an insured employee or family member diagnosed with a covered illness
- Benefit is paid regardless of any other insurance coverage or actual expenses incurred.
- Coverage available without proof of good health during the initial enrollment. After initial enrollment, proof of good health is required.
- Multiple payouts different illnesses and additional occurrences of certain illnesses.
- No maximum lifetime benefit limitation.2
- The Health Screening Benefit Rider replaces the existing wellness benefit as an optional feature and can pay a benefit for each insured family member.2
- Children are automatically covered. Coverage is 25% of the employee’s elected benefit amount for no additional cost.2
- Option for employees to purchase coverage for their spouse.
- Portable coverage that employees can take with them if they leave their employer (not available in all states).
1 Based on current federal income tax laws, if insurance premiums are paid with after-tax dollars, the benefits are received income-tax-free.
2 Available with updated product. See state approvals. (GP62659) (PDF)
| Minimum Case Size | Participation Rate |
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Key materials listed below.
Overview (GP60817LS)
Highlights and key features of critical illness. Not for use in Arizona or New Mexico.
View (PDF) • Order
Product Details (GP62650)
Product features for all states except Arizona, New Mexico, and New York.
View (PDF) • Order
Product Details - AZ (GP62650AZ)
Arizona details on product features and underwriting guidelines.
View (PDF) • Order
Product Details - NY (GP60842NY)
New York details on product features and underwriting guidelines.
View (PDF) • Order
Infectious Disease Benefit (GP62823)
Not approved for use in Arizona, New Jersey, New Mexico, or New York.
View (PDF) • Order
Infectious Disease Benefit - NJ (GP62823NJ)
Only for use in New Jersey.
View (PDF) • Order
Health Screening Benefit (GP62824)
Not approved for use in Arizona, New Mexico, or New York.
View (PDF)
- Contact your local sales representative.
Important Information
For producer use only. Not intended for use with consumers or the public. CRITICAL ILLNESS (SPECIFIED DISEASE IN NY) PROVIDES LIMITED BENEFITS. This summary is not a complete statement of the rights, benefits, limitations and exclusions of the coverage.
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