Think of this coverage as extra financial protection beyond medical and disability coverage. It provides a lump-sum cash benefit if an employee is diagnosed with a specific critical illness.*
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.
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.
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.
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.
Our simplified product design includes these features:
Talk to your financial professional about offering group critical illness insurance. And, consider combining group critical illness insurance with other offerings for a more comprehensive benefits package.
Group disability insurance
Whether you need short-term disability, long-term disability, or both, we’ve got you covered.
Group accident insurance
This coverage helps supplement key benefits by providing employees with a lump-sum cash benefit after a covered accidental injury.
- 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.
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