Group Critical Illness Insurance
Chronic and debilitating illnesses affect millions of working Americans every year.
Requiring extensive treatment, these health conditions are often life changing emotionally, physically and monetarily. Nearly one in three working adults will be diagnosed with some form of critical illness before they reach retirement. This harrowing reality has led to financial solutions like Critical Illness (CI) insurance.
Petersen International has recently launched a group Critical Illness program that has become of immediate interest to the small business and employee benefits markets. 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.
Some of those conditions include, but are 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.
This CI program stands apart from others offered in other markets in that the benefit limits are higher than most and the benefit can be earmarked either as a personal benefit to the employee or as a key person benefit to the employer.
Here are some important details:
- Guaranteed Standard Issue (GSI) – no medical underwriting
- Census quoting and enrollment
- Mandatory participation
- Groups of 5 or more persons
- Benefit limits up to $2,000,000 per person
- Lump sum benefit payable upon diagnosis of a covered condition
- Benefits can be payable to the insured person or to their employer or both
For inquiries and for an outline of coverage, please give us a call at (800) 345-8816.