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October 2022 Edition

Amid pandemic, more employees seek critical illness coverage1

Critical illness insurance was introduced in the mid-1980s to help employees deal with the higher costs and lengthy treatments associated with life-altering events like heart attacks, strokes and cancer. Today, the global critical illness insurance market is growing at a compound annual growth rate (CAGR) of 16.2 percent.2 But even that strong growth rate doesn’t keep up with the expanding number of people who may need such a coverage.

COVID insurance coverage broadens

With the rise of COVID, some critical illness policies are expanding to include coverage for individuals receiving a COVID-19 diagnosis or other severe viruses and infectious diseases.4 In response to the pandemic, nearly half of U.S. employees purchased at least one new health benefit. A third of those individuals bought critical illness, hospital indemnity or mental health resources.1

Employers want flexible critical illness insurance coverage

Today’s employers want flexibility from their critical illness insurance policies.5 That’s because today’s workforces are a broad mix of generations. And each is looking for something different. After all, boomers aren’t having children, and most Gen Z members aren’t worried about strokes and heart attacks.

Additionally, families would like insurance to help them cover treatment for children diagnosed with autism spectrum disorders — which can cost families up to $60,000 annually. Critical illness coverage is also a priority for parents helping children and teens overcome mental health disorders, like anxiety and depression.5

Securian Financial’s flexible critical illness offerings

Securian Financial’s critical illness insurance gives employers the flexibility to tailor programs to fit the needs of their workforce. Options include:

  • Health and wellness benefit – Once per year, employees and their spouses can receive a benefit for having a health and wellness screening (up to 32 screenings), including an annual physical
  • Post-traumatic stress disorder (PTSD) – This benefit is payable upon diagnosis
  • Full benefit cancer after partial benefit cancer — Benefits are treated independently and aren’t reduced if one benefit is paid and another diagnosis happens
  • Child-specific benefits available — Including Type 1 diabetes (juvenile diabetes), Down syndrome and cleft lip or cleft palate surgery
  • Dependent parent rider — Benefit available to employee or spouse providing financial support to a dependent parent (must equal more than half of parent’s monthly expenses)
  • COVID-19 benefit available — There is flexibility in the benefit amount payable, up to 100%
Family of four people

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Did you know?

In the United States, 805,000 people annually have a heart attack — that’s one every 40 seconds.3

Due to the aging population, the CDC predicts cancer cases will rise nearly 50 percent over the next several years until 2050.3

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You're covered

Learn how Securian Financial has you covered with competitive critical illness offerings.

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1. Goforth, Alan. “Pandemic wake-up call: More workers purchasing expanded health benefits.” BenefitsPRO, October 21, 2021.

2. “Critical illness insurance global market report 2022.” The Business Research Company, March 2022.

3. “Heart disease facts.” Centers for Disease Control and Prevention, July 15, 2022.

4. Sammer, Joanne. “A new role for critical-illness insurance in the coronavirus era.” SHRM, September 24, 2020.

5. Borcan, Ashlee; Weck, Jimmy. “Enhancing the value of critical-illness insurance.” Society of Actuaries, February 2022.

DOFU 10-2022