Critical Illness Insurance
Financial risk is real for your employees who suffer a serious illness. Just 1 out of 4 people have enough emergency savings in liquid accounts to cover six months' worth of expenses. By offering voluntary critical illness insurance in your benefits mix, your employees can secure an additional layer of financial protection, beyond medical and disability insurance.
Why choose voluntary critical illness insurance from Principal Life?
- Our simplified product design covers the five most common critical illnesses, making the purchase process easy and straightforward for your employees.
- Employees choose the level of protection best for them, and pay for it at affordable group rates through convenient payroll deduction.
- Adding this coverage to your benefits mix is easy - with one employer application, one bill, one contact and one employee enrollment form for all group products you have with Principal Life.
- Covers cancer, coronary artery bypass graft, heart attack, major organ failure and stroke
- Pays a tax-free, 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
- 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 (not available in all states)
- Coverage available without proof of good health during the initial enrollment
For more information
- Bankrate.com Financial Security Index survey, June 25, 2012
- Based on current federal income tax laws, if insurance premiums are paid with after-tax dollars, the benefits are received income-tax-free
Critical illness insurance provides limited benefits. This coverage has terms, conditions, limitations and exclusions. Some provisions are not available in all states. Coverage is not currently available in: California, Colorado, Connecticut, District of Columbia, Florida, Minnesota, New Hampshire, New Jersey, New York, Utah or Vermont. Contact your local sales representative for more information, costs and a proposal outlining the coverage.