This plan is designed to help provide financial assistance so you can focus on what matters most – recovering from a serious illness on your terms.
Group Critical Illness is a living benefit that provides a lump sum amount of cash if one gets one of the covered conditions. The top three conditions for payments are life threatening cancer, heart attack and stoke. Coverage can include just the big three or expand into the two dozen range.
The amount of payment depends on the coverage purchased. Group Critical illness offers the ability to offer coverage regardless of pre existing conditions with some conditional terms. The lump sum payment can help reduce the financial stress caused by the critical illness and buy time to focus on your health.
Group Critical Illness is a lump sum payment if you get one of the covered conditions.
The plan sponsor makes decisions on what those are. Typically the big three which are stroke, heart attack and life threatening cancer are included but it could extend up to 15, 18, 21, 25 or more additional conditions.
The payment depends on the coverage amount provided in the plan.
Group critical illness will have a pre existing condition limitation that protects the insurer from walking right into a claim. They generally go away with time and help them offer coverage up to a non evidence limits.
Coverage generally has a survival time period limit and this will determine the payment. It could be on a quick death that the life insurance benefit pays. A death taking more time could result in both the critical illness and life insurance benefit paying. The policy terms would govern the result.
The cost will be dependent on the coverage, the internal factors in the sponsoring company and the insurers internal factors that affect this benefit line.
To find out more about Critical illness coverage, give us a call or email us.