What is Critical Illness Insurance?
Critical illness insurance pays a lump sum benefit when an insured person is diagnosed with a covered illness like cancer, heart attack and stroke. Because most people are unprepared for the onslaught of medical and non-medical expenses incurred by a traumatic illness, the purpose of Critical Illness insurance is to provide a lump-sum of money to the insured person at a time when finances may be strained. Best of all, the benefit may be used however it is needed for expenses like deductibles and copayments to mortgage and rent payments, in-home care, replacing lost wages from inability to work or even a vacation to recuperate following the illness.
Why do employees need Critical Illness Insurance?
What's in it for the Employer?
As more employers are reassessing their ability to finance comprehensive medical plans for their employees, the solution is often inevitably to pass along more of the costs in the form of increased deductibles and copayments. Offering Critical Illness insurance may be a way to supply the much needed medical coverage, while at the same time reducing company expenses. When sold as voluntary benefit plans in the worksite, the premiums are paid by the employee and can be setup as a payroll deduction so there are no complicated forms or monthly premium payments for the employee to remember.
Also, as a plus for employers, studies show that satisfaction with voluntary benefits is often linked with job satisfaction and loyalty to the company.1 Studies also indicate that most employees would be willing to pay 100% of the premium once the benefits of Critical Illness insurance are explained to them.2
- Plans are available for small groups down to 2 lives
- Modified Guarantee Issue: up to $10,000 for very small groups
- Optional Mortgage Protection Rider
- Recurrence Benefits
- Multiple Benefits
- Competitive Rates
Policy Form Series SLA-CI11-GEP may not be available in all states. The policy has exclusions and limitations. Benefits may vary by state.
This product is not available in AK, CO, CT, HI, MA, MD, MN, ND, VT, WA
1MetLife. “9th Annual Study of Employee Benefits Trends. A Blueprint for the New Benefits Economy.” n.d.
2MetLife. Critical Illness Insurance. “Critical Times Require Critical Solutions”. n.d.