Dearborn National, a provider of insurance and financial products, has introduced a new Group Critical Illness Benefit to customers on an employer-paid or voluntary basis.
The insurer said that benefit product will provide a lump sum cash payment to cover any expenses an individual faces when suffering from a critical illness.
According to the Dearborn, if the insured, or a covered family member, is diagnosed with one of the covered critical illnesses, when the claim is approved, the Critical Illness Benefit will pay a lump sum.
The payment can then be used to cover whatever expenses, medical or otherwise, need to be paid. Proof of expenses is not required.
Dearborn said that the features of the benefit include: coverage on nearly a dozen covered conditions, including invasive cancer, heart attack, stroke and terminal illness.
It also includes a death benefit, since the Critical Illness Benefit is part of a group life insurance policy. Any remaining benefits will be paid to the qualifying beneficiary. Benefits may be received for more than one critical illness, provided that the total of all benefits received does not exceed the total of the life insurance benefit amount.
Dearborn National vice president and chief actuary Craig Nordyke said the Critical Illness Benefit offers families a sense of comfort knowing that, if faced with a critical illness, they can focus on what’s important — treatment and recovery.