ALLSTATE WORKPLACE DIVISION has developed a new critical illness coverage plan that helps individuals keep their finances intact when they become seriously ill. The policy is different from many other critical illness policies in the following ways:
- Premiums are based on age, tobacco status and basic benefit amount
- Basic benefit amounts range from $5,000 to $100,000
- Individual, single parent family or family coverage is available
- It is not tied to employer benefits
- It is renewable for life and the premium does not increase with age
- Two separate groups of illnesses could each pay up to 100 percent of benefits
- A lump sum is paid upon diagnosis
With the policy, an individual can have an illness from category one, such as a heart attack or stroke, that pays 100 percent of the policy amount and still may qualify for 100 percent of benefits from category 2 illnesses, such as end-stage renal failure or paralysis. The policy also includes a wellness benefit rider that pays $75 per covered person for various cancer screening tests
In addition, the policyholder can purchase a cancer rider that pays 100 percent of the basic benefit amount for such illnesses as leukemia or Hodgkin's disease.
The premiums are paid through payroll deduction. It is available in all states except Connecticut, Massachusetts, New York and Virginia.
