The Principal has introduced critical illness insurance as one of the voluntary benefits it offers to help employees fill the gap in financial protection.
Voluntary critical illness insurance provides a cash benefit to pay for additional expenses like medical deductibles, copayments, travel costs, childcare, home healthcare needs and more. The insurance benefit covers the five most common critical illnesses, including: cancer, coronary artery bypass graft, heart attack, major organ failure and stroke. Employers can offer the new insurance with as few as 10 enrolled employees or 10 percent participation. Employees select their level of protection and pay at a group rate through payroll deduction. Coverage also is available for spouses and children.
“Many people survive a critical illness and recover physically, but they also need to recover financially,” says Amy Friedrich, vice president, Specialty Benefits Division for The Principal. “We added this insurance to our product portfolio to supplement a core employee benefit package and help fill any gaps in protection that may exist.”
She added that The Principal’s goal is to “create a simple, straightforward benefit employers can offer to their employees,” says Friedrich. “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.”
The Principal Financial Group is a global investment management leader offering retirement services, insurance solutions and asset management.