Case Study Snapshot: Group Critical Illness
A large Chicago law firm was interested in offering new employee benefits to assist in the process of acquiring and retaining talented and sought after attorneys. The firm’s HR team was looking into critical illness programs and their insurance broker contacted Petersen International to find out more about our new group CI plan.
The product is a guaranteed-issue group plan which provides a lump sum benefit to an employee and/or their employer if they are diagnosed with one of many covered health conditions including but not limited to cancer, dementia, heart attack, stroke, Alzheimer’s disease, multiple sclerosis and Parkinson’s disease.
The purpose of the insurance is to help cover the costs associated with treatment and other expenses that may arise because of the employee’s illness, such as lost wages or the cost to find replacement personnel.
We were able to design a bespoke program for the law firm, including high-limit critical illness benefits up to $2,000,000 per associate and partner attorneys as well as coverage for their spouses. We also provided the partnership with additional CI benefits that are payable to the firm, similar to a key person benefit.