Offer extra financial protection for employees with critical illness* insurance.
Critical illness insurance helps employees protect their financial security when diagnosed with a serious illness by providing them with a lump-sum cash benefit.
Who pays the insurance premium?
Employees pick up the entire cost of the premium with voluntary critical illness insurance. They choose the level of protection that’s right for them and pay the premiums through payroll deduction.
What is critical illness insurance?
Critical illness insurance can help alleviate financial worries during a serious illness. A lump-sum cash benefit is paid to the insured person when they’re diagnosed with a specific critical illness. This benefit provides cash at a time when it may be needed most.
Why offer group critical illness insurance?
Life doesn’t always go as expected. Serious illnesses happen. And while medical insurance helps pay for medical expenses, and disability insurance replaces a portion of lost income, they don’t cover all the costs associated with having a serious illness. Critical illness insurance helps employees be more financially prepared to handle those expenses with a lump-sum cash benefit.
How does group critical illness insurance work?
When an insured person is diagnosed with a specific critical illness, they receive a lump-sum cash benefit to use any way they choose, regardless of other insurance they have or actual expenses incurred. This includes expenses such as medical deductibles and copayments, travel costs for medical treatment, child care, lost income of spouse or caregiver, home healthcare needs, and more.
What illnesses are covered?
Our critical illness insurance covers some of the most common serious illnesses like cancer, heart attack, stroke, and more.
Key features of Principal group critical illness insurance
Our simplified product design includes these features:
- Proof of good health is not required during initial enrollment.
- Multiple benefits may be paid if the employee or family member suffers a critical illness, and is then diagnosed with another critical illness.
- A health screening/wellness benefit may be included to encourage preventive care.
- It’s portable coverage employees can take with them.
- Specified disease in New York.
CRITICAL ILLNESS INSURANCE PROVIDES LIMITED BENEFITS. This is an overview of the benefits critical illness insurance provides, but there are limitations and exclusions. For AZ residents, see Critical Illness Insurance Limitations and Exclusions. For cost and coverage details, contact your Principal representative. Some provisions may vary or not be available in all states. Critical illness insurance from Principal® is issued by Principal Life Insurance Company®, Des Moines, IA 50392. Oregon policy GC 5700 (CI)-1 0220.