Critical illness can cause financial devastation to millions of individuals and families, even those with health insurance. If fact, according to a 2008 Harvard University study, medical problems contribute to upwards of 60% of all bankruptcies in the United States. Worldwide cancer cases alone are projected to increase by 50% (from 14 million to 21 million) between 2012 to 2030. Critical Illness insurance is a financial product developed to help customers cover expenses associated with critical illness, such as cancer, heart attack or stroke.
A critical illness has a dramatic and immediate impact on employees and their families. The costs associated with such illnesses create hardships for many, especially with the trend toward higher out-of-pocket health care costs.
Companion Life’s Group Critical Illness plan pays a tax-free, lump sum cash benefit to insured employees upon the first occurrence, and even recurrence, of a covered critical illness. These benefit dollars may be used to help replace lost income, travel, child care, medical deductible and other uncovered expenses.