When employees experience a critical illness, they often have expenses that aren’t covered by their health insurance. During these challenging times, critical illness insurance can help them focus on recovery and getting back to work sooner.
Every year about 965,000 Americans have a heart attack — 660,000 for the first time.1
Colonial Life offers several individual and group critical illness 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.
Some of the covered conditions include:
Other serious illnesses may be covered as well, depending on the specific design of your plan. Additional coverage options also are available to help pay for health screenings, subsequent diagnoses and cancer vaccines.
If an insured suffers from a covered critical illness, they can file a claim with Colonial Life and begin the process of receiving benefits for their treatment and recovery.