When life gets messy and unpredictable, employees can’t afford to miss a beat.
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.
Why offer group critical illness insurance?
- The need is real – the incidences of critical illnesses are growing and survival rates are increasing1
- Helps cover out-of-pocket costs without tapping savings or other sources
- Payouts don’t depend on employee’s income or other insurance
- Cash benefit is paid directly to the insured to use any way they choose
- Easy for employees to enroll at work and pay premiums through payroll deduction
- Amounts of coverage available without medical exam
- Coverage is available at group rates
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.
Here’s an example of how benefits could be paid.
Jill elects coverage in the program offered by her employer.
2. A year later
Jill suffers a heart attack (as defined in policy). She recovers fully.
3. Five months later
Jill is diagnosed with malignant melanoma.
4. 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.
What does group critical illness insurace cover?
Our critical illness insurance covers seven core conditions in various percentages depending on the plan design selected.
Core covered conditions
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
|Major organ failure
|Partial benefit cancer
|Coronary artery disease needing surgery or angioplasty
Additional covered conditions
Other covered conditions can be offered - or removed entirely from your plan, including:
- ALS and other motor neuron diseases
- Alzheimer’s disease
- Bacterial meningitis
- Benign brain tumor
- Child conditions (Cystic fibrosis, Cerebral palsy, Muscular dystrophy)
- Creutzfeldt-Jakob disease
- Loss of hearing
- Loss of speech
- Multiple sclerosis
- Necrotizing fasciitis
- Occupational HIV infection
- Parkinson’s disease
- Severe burns
- Systemic lupus erythematosus (Nephritis and Cerebritis)
- Systemic sclerosis (Scleroderma)
Certain exclusions and limitations apply. Product features and availability may vary by state.
Additional features and options
During the initial enrollment period, employees may be able to enroll for coverage without providing proof of good health.
If an employee has a separate covered condition, this option allows for more than one benefit payment after 30 days.
Upon termination, an employee may be eligible to continue coverage by paying premiums directly to Securian (subject to the policy’s terms).
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.
1 National Center for Health Statistics, Centers for Disease Control and Prevention. "Health, United States, 2016: With Chartbook on Long-term Trends in Health." 2017.
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.