Critical illness insurance helps provide employees with financial support if diagnosed with one of the covered critical illnesses where major medical insurance left off (out-of-pocket expenses) or in the absence of major medical insurance.
Critical illness benefits are typically lump sum benefits paid directly to the employee upon diagnosis of a covered critical illness and helps employees with expenses associated with the illnesses such as heart attack, cancer, stroke, organ transplant and more. Group critical illness insurance is generally 100% employee paid and at no cost to the employer (voluntary), but the employer can contribute to the premium if they choose. Coverage is available for employee, spouse and dependents.
