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Securian Financial

Group critical illness insurance

An unexpected illness brings unexpected challenges  

Group critical Illness insurance helps employees prepare financially for an unexpected life event. The lump-sum benefit can be used any way to help cover costs such as child care, mortgage payments or out-of-pocket medical costs.

Watch how we explain critical illness Insurance to employees

Why offer group critical illness insurance?

  • Cash benefit is paid directly to the insured to use any way they choose
  • Helps cover out-of-pocket costs without tapping savings or other sources
  • Payouts don’t depend on employee’s income or participation in other employer insurance  offerings

What does group critical illness insurance cover?

Our critical illness offering is designed to stand out from the competition with features like these:

  • 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) 
  • Additional coverage:
    • COVID-19 Infectious Disease benefit available1
    • 25 covered conditions including Post-traumatic stress disorder (PTSD), Legionnaire’s disease and skin cancer

All benefits are diagnosis based, not treatment based

Core covered conditions

Our critical illness insurance covers seven core conditions in various percentages depending on the plan design selected.  Core conditions can be paired with additional covered conditions to address the financial and health risks facing your organization.

Condition Percentage of employee-elected amount
Full benefit cancer 100%
Heart attack 100%
Stroke 100%
Major organ failure 100%
Kidney failure 100%
Partial benefit cancer 25%
Coronary artery disease needing surgery or angioplasty 25%

Additional features and options

  • No health questions – During the initial enrollment period, employees may be able to enroll for coverage without providing proof of good health.
  • Multiple payout – If an employee has a separate covered condition, this option allows for more than one benefit payment after 30 days.
  • Continuation options – Upon termination, an employee may be eligible to continue coverage by paying premiums directly to Securian (subject to the policy’s terms).
  • Recurrence – After 12 months, this option allows more than one benefit payment for the same covered condition. Eligible conditions include full benefit cancer, heart attack, stroke and major organ failure. Recurrence benefits pay 25 percent of the coverage amount.
  • Health and wellness – 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.

How group critical illness insurance works

If an employee is diagnosed with a condition covered by the policy and meets the policy requirements, our critical illness insurance will pay a lump sum benefit.

Benefits are paid at a percentage of the amount of coverage the employee has elected.

Benefit example

Here’s an example of how benefits could be paid.

One

Enrollment

Jill elects coverage in the program offered by her employer.
Two

A year later

Jill suffers a heart attack (as defined in policy). She recovers fully.
Three

Five months later

Jill is diagnosed with malignant melanoma.
Four

Four years later

Jill is diagnosed with coronary artery disease needing bypass surgery or angioplasty.

Our critical illness insurance policy provides Jill the following benefits:

  • Heart attack benefit at 100 percent of Jill’s elected coverage amount
  • Partial benefit cancer benefit of 25 percent

  • Coronary artery disease needing bypass surgery or angioplasty benefit of 25 percent

Actual experience and benefit payouts may vary.

Look to us

Find out how group critical illness insurance can add value to benefits programs.     

Contact sales today

1. Available in certain states, pending state approval.

This is a summary of plan provisions related to the insurance policy issued by Minnesota Life Insurance Company or Securian Life Insurance Company. In the event of a conflict between this summary and the policy and/or certificate, the policy and/or certificate shall dictate the insurance provisions, exclusions, all limitations and terms of coverage.

This policy provides limited benefits. This policy has exclusions, limitations, reduction of benefits, terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, contact Securian Financial Group. All elections or increases are subject to the actively at work requirement of the policy. Minnesota Life products are offered under policy form series 13-31600 or a state variation thereof. Securian Life products are offered under policy form series 14-32000 or a state variation thereof. Product availability and features may vary by state.

DOFU 11-2020
1376998