Minnesota Life Insurance Company, a Securian Financial Group affiliate, offers employers group critical illness insurance, a tool employees can use to cope with the financial challenges related to critical illnesses.
Group critical illness insurance provides lump sum payments to employees who are diagnosed with one of the covered conditions listed in the policy and when all of the other policy conditions are met.
The lump-sum benefit can be used to cover any expenses such as child care, mortgage payments or out-of-pocket medical costs.
"Unexpected illness brings unexpected challenges," said Eli Vogen, director, Voluntary Products, Securian Financial Group. "By offering critical illness insurance as an employee benefit – or making the coverage available to employees as an option – employers can help employees prepare financially for unexpected life events."
Unexpected illness is surprisingly frequent. Every day in the US:
- 4,000 men and women are diagnosed with cancer1
- 2,100 people suffer heart attack1
- 2,000 people are hospitalized because of a stroke1
- Advances in medical technology mean more people survive these illnesses2 and are faced with unexpected, often long-term expenses.
Employers can tailor their group critical illness insurance plans to meet the unique requirements of their benefits strategies and employee populations. The policy3 offered by Minnesota Life has features which include:
- 25 covered conditions
- Guaranteed issue amounts for employees, spouses and children
- Multiple payout and recurrence provisions