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Insurance & Employee Benefits
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Specified Disease and Critical Illness Insurance
Similar to the Cancer Benefit, the Specified Disease Insurance for Critical Illness is designed to supplement major medical coverage and help with the high costs of treatment for a serious illness. It pays a percentage of the policy face amount upon diagnosis of a covered specified disease, and benefits can be used to help pay the out-
Benefits from our Specified Disease plan can help you pay the following types of out-
- An annual preventive health screening benefit
- Home or automobile modifications.
- Mortgage, utility bills and other everyday living expenses.
- Travel costs to and from treatment centers
Specified Disease Insurance offers benefits following the diagnosis of one of the following illnesses:
- Heart Attack (myocardial infarction)
- Stroke
- Major Organ Transplant
- End Stage Renal Failure
- Coronary Artery Disease
- Carcinoma In Situ
- Skin Cancer
This Specified Disease insurance plan provides options such as flexible coverage, coverage for spouse and dependents. The benefit is portable which allows the employee to take the benefit with him if he changes jobs or retires. The benefit is often guaranteed renewable as long as the premiums are paid when due. The premium will not increase because you get older.
Benefits may be paid either through a lump sum or an annually restorable policy. Premium for lump sum policies do not increase with age and are typically payable until the policy is paid up at a specified age or until a claim is incurred. Often, policies offer a return of premium rider, which allows premiums to be refunded if the policy remains continuously in force and no claim is paid during the term of the policy. Lump sum cash payments typically allow benefits to be used for any purpose including offsetting loss of income or covering normal living expenses.
Annually restorable policies help offset expenses incurred for treatment of covered diseases. Payments typically are more focused toward inpatient or outpatient services as well as supplies and treatments such as hospital room and board; drugs and medicines; laboratory services; and medical or surgical services.
Contributed with the permission of Jeffrey Schreiber, ARM
