The Principal Financial Group has introduced a voluntary critical illness insurance to help employees fill the gap in financial protection, due to added expenses that are not covered by medical insurance.
Covering five most common critical illnesses, such as cancer, coronary artery bypass graft, heart attack, major organ failure and stroke, the insurance benefit can be offered by employers with as few as 10 enrolled employees or 10% participation.
The Principal Specialty Benefits Division vice president Amy Friedrich said the addition aims to supplement a core employee benefit package and also help fill any gaps in protection that may exist.
”We made it easy for employers to integrate critical illness insurance into their existing employee benefits. There is one enrollment form and one bill for everything,” Friedrich added.
The policy provides a cash benefit to pay for additional expenses, such as medical deductibles, copayments, travel costs, childcare, as well as home healthcare requirements among others.
Coverage is also provided for spouses and children, and the employees can select their level of protection and pay at a group rate through payroll deduction.
Established in 1879, The Principal Financial Group is a provider of retirement and investment services, and life and health insurance to customers worldwide.