Critical Illness - Voluntary
Voluntary critical illness insurance allows employers to enhance their benefit package while managing costs. Employees appreciate the opportunity to buy benefits at work at group rates with the convenience of payroll deductions.
- Covers cancer, coronary artery bypass graft, heart attack, major organ failure and stroke
- 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
- Multiple payouts for the same or different illnesses
- Wellness benefit to encourage preventive care
- Option for employees to purchase coverage for their spouse and children
- 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.
|Minimum Case Size||Participation Rate|
*50 in Florida and Vermont
Talk to your clients about how critical illness can be used to supplement other insurance, including medical and disability, by providing a benefit that can be used to pay for uncovered expenses.
Target employers offering:
- Medical plans with high deductibles - Employees could use the cash benefit to help cover the deductible.
- Disability insurance - Because this only covers a percentage of income, employees could use the cash benefit to supplement their income and to pay for additional expenses.
Key materials listed below.
Importance of the insurance and benefits of Principal Life's coverage.
Product Details (GP60842)
Details on product features and underwriting guidelines.
Product Details - Florida (GP60842FL)
Florida details on product features and underwriting guidelines.