What is Critical Illness Insurance?
Critical Illness Insurance provides cash benefits for defined illnesses or specified diseases to help cover out-of-pocket medical and other non-medical expenses.
Why does your organization need Critical Illness Insurance?
Many group benefit plans do not cover all of the expenses associated with an individual being diagnosed with a serious illness or condition. By adding critical illness benefits, employees can offset the financial burden of treatment and potential lost income so that they can focus on getting better.
What does Critical Illness Insurance cover?
Critical Illness insurance typically covers for life threatening illness or conditions such as heart attack, stroke, and cancer among others. If the insured qualifies for the benefit, they can use the lump sum benefit payment for any purpose they choose:
- Loss of income
- Childcare expenses
- Transportation costs for themselves or family members, or any other financial need
Benefit amounts are typically available up to $25,000 as stand-alone or part of a group benefit plan.
The AIG Advantage
- AIG draws from experience in handling critical illness claims to support insureds when they need it most
- AIG offers flexibility to customize critical illness plans to match the needs of clients
- Provides a lump sum payment that can be used at the member’s discretion