Voluntary Group Critical Illness Insurance

Critical Illness insurance is designed to help meet the additional expenses associated with a serious illness or condition. Although medical insurance and other insurance coverages your employees may have are essential, it won't cover everything.

Everyone knows someone who has had cancer, a heart attack or a stroke. It's extremely affordable for your employees to be able to receive a lump-sum cash payment when a critical illness strikes.

Medical treatment has never been better, but is also expensive. People today can experience financial hardship because of the expenses their insurance does not cover. It may help pay some of your hospital and doctor expenses, or even replace part of your lost income. Use Critical Illness insurance to help pay for other unexpected expenses such as:

  • Experimental treatment
  • Travel expenses to and from treatment
  • Out-of-network doctors and hospitals
  • Childcare and eldercare while recovering
  • Insurance deductibles and co-payments
  • Supplement lost income
  • Maintain quality of life
Here are some insites into Critical Illness insurance products for your employees:

Generation Y
Ages: 18-31		 Generation X
Ages: 32 - 47		 Boomers
Ages: 48 - 66
 Needs:  Needs:  Needs:
  • 63% are very concerned about extra costs not covered by medical insurance in the event of serious illness
  • Medical deductibles like those associated with consumer health plans, together with lost work days, can drain limited savings and make it hard to meet ongoing expenses such as rent and credit card payments
  • 51% are very concerned about extra costs not covered by medical insurance in the event of serious illness
  • Additional expenses for travel, childcare and co-pays may exceed rainy day funds for families experiencing a serious illness
  • 52% are very concerned about extra costs not covered by medical insurance in the event of serious illness
  • Co-pays and medications can mount up even with a low deductible medical plan and may require tapping into retirement savings or make it difficult to meet commitments to adult children and grandchildren
Suggested Coverages: Suggested Coverages: Suggested Coverages:
  • A lump sum payment to replace lost income and supplement limited savings in times of serious illness
  • Affordable coverage that complements existing medical plan to pay for expenses that most medical plans do not cover
  • Coverage for age-related serious conditions such as melanoma, thyroid and brain cancers, and non-Hodgkin’s lymphoma
  • A lump sum payment to provide extra cash for ongoing household expenses such as mortgage, car payments, utilities
  • Dependent coverage for partner and children
  • No ongoing claims process
  • Coverage for age-related conditions such as breast, lung and colorectal cancers;32 diabetes and cardiac conditions. Also children’s cancers such as leukemia and brain tumors
  • Lump sum payment to help meet expenses and preserve retirement savings
  • No complicated claims process
  • Low premiums that offer an affordable way to supplement health insurance
  • Coverage for age-related conditions such as colon, breast, prostate and lung cancers, heart attacks, strokes, and kidney failure

 

Critical Illness insurance can help protect families from these additional expenses. A great added benefit for employees to choose from - at no cost to the employer.

For more information about Critical Illness insurance for your employees, contact a knowledgebroker today!