Those who suffer a serious illness often incur added expenses not covered by medical insurance, which can leave them vulnerable to financial risk. The Principal Financial Group ® adds critical illness insurance to the list of voluntary benefits helping employees fill the gap in financial protection.
“Many people survive a critical illness and recover physically, but they also need to recover financially,” says Amy Friedrich, vice president, Specialty Benefits Division for The Principal ®. “We added this insurance to our product portfolio to supplement a core employee benefit package and help fill any gaps in protection that may exist.”
Voluntary critical illness insurance provides a cash benefit to pay for additional expenses like medical deductibles, copayments, travel costs, childcare, home healthcare needs and more. The insurance benefit covers the five most common critical illnesses including: cancer, coronary artery bypass graft, heart attack, major organ failure and stroke. Employers can offer with as few as 10 enrolled employees or 10 percent participation. Employees select their level of protection and pay at a group rate through payroll deduction. Coverage is also available for spouses and children.
“Our goal is to create a simple, straightforward benefit employers can offer to their employees,” says Friedrich. “We made it easy for employers to integrate critical illness insurance into their existing employee benefits. There is one enrollment form and one bill for everything.”For more news and insights from The Principal, connect with us on Twitter at http://twitter.com/ThePrincipal. About the Principal Financial Group The Principal Financial Group ® (The Principal ®) 1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500 ®, the Principal Financial Group has $392.2 billion in assets under management 2 and serves some 18.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com. 1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. 2 As of September 30, 2012.