Cancer insurance enhances your benefits package by assisting employees and their loved ones if they face a battle with cancer, without adding costs to your bottom line.
The risk of developing cancer during a lifetime is about 1 in 2 for men and about 1 in 3 for women.1
Colonial Life offers several individual and group cancer insurance plans, with several optional riders also available. Product availability differs by state. To learn more about the features and benefits of each one, contact your Colonial Life sales representative.
Individual and group plans have pros and cons. Your Colonial Life sales representative can help you determine the best fit for your business and your employees.
Pros for individual plans include:
Individual plans may have stricter underwriting requirements and have more limited rate flexibility, which leads to potentially higher rates.
Pros for group plans include:
Group plans may experience group-level rate increases and are ported or converted at higher rates. Minimum participation requirements are also common.
Our cancer insurance offers more than 20 benefits that can help pay for costs that may not be covered by your medical insurance. Some of these include:
If insured employees are diagnosed with cancer, they can file a claim with Colonial Life and begin the process of receiving benefits for their treatment and recovery. If they have an initial diagnosis rider, they may be able to receive additional lump-sum benefits during the diagnosis phase.