Critical illness insurance
Your financial safety net
A serious illness can happen to anyone. The last thing you want to worry about amid the physical and emotional toll is your financial situation. Critical illness insurance helps offer additional financial security beyond your medical and disability coverage by providing a lump-sum cash benefit if you are diagnosed with a specific critical illness.
What is critical illness insurance?
Critical illness insurance can help ease financial concerns during serious health issues. Upon diagnosis with a covered critical illness, you’ll receive a lump-sum cash benefit. This payout offers funds that can help cover costs when you might need it the most.
Check out our video for a quick overview of what critical illness insurance is and how it works.
Why should you consider critical illness insurance?
Life can take unexpected turns, including serious illness. While medical insurance covers healthcare costs and disability insurance replaces some lost income, they don't cover all expenses of a major illness. Critical illness coverage helps you be better prepared financially by providing a lump-sum cash benefit. So you can focus on getting well, rather than thinking about managing your finances.
Hear from one of our customers.
"The financial support from Principal's critical illness coverage allowed me to focus on my recovery without the added stress of financial burdens."
Eric Lamb
Eric Lamb's journey with critical illness coverage through Principal® highlights the importance of comprehensive insurance. As a regional sales and training manager for an automotive lift company, Eric faced serious health issues, starting with a ruptured appendix and later colorectal cancer. Throughout these challenges, Principal provided seamless and empathetic support.
The lump sum from his critical illness insurance plan permitted Eric to concentrate on getting better and supporting his family. Eric emphasized the value of critical illness coverage for everyone, regardless of age or health status. And highly recommends Principal and its services.
The ins and outs of critical illness insurance.
How does it work?
If you are diagnosed with a specific critical illness, you’ll receive a lump-sum payment that you can use any way you choose. You’ll receive this payment regardless of other insurance you have or what your actual expenses are. This lump sum can be used for:
- Medical deductibles and copayments
- Travel costs for medical treatment
- Home healthcare needs
- Childcare
- Prescription costs
- Lost income of spouse or caregiver
- Other out-of-pocket expenses
What does it cover?
Our critical illness insurance covers some of the most common serious illnesses like:
- Cancer
- Heart attack
- Stroke
- Alzheimer's disease
- Coma
Key features from Principal.
- Proof of good health is not required during initial enrollment.
-
Payments are tax-free
and HSA compatible. - Multiple benefits may be paid if you or a family member suffers a critical illness and is then diagnosed with another critical illness.
- A health screening/wellness benefit may be included to encourage preventive care.
- It’s portable coverage you can take with you.
- No maximum lifetime benefits.
Benefits of buying it through your employer.
When you purchase critical illness coverage at work, you get several advantages including:
- Group rates that are less expensive than if you purchase the insurance on your own.
- Guaranteed coverage when you purchase at enrollment time.
- A cost that’s automatically deducted from your paycheck.
Help strengthen the security of your financial future.
Talk to your employer about critical illness insurance and the other voluntary benefits your organization provides that may ultimately help protect your financial outlook.