Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
St. Paul, MN, July 10, 2014 – As the health insurance market shifts, employers look for ways to help their employees reduce the financial risk of a serious illness or accident.
Minnesota Life Insurance Company, a Securian Financial Group affiliate, offers employers group critical illness insurance, a tool employees can use to cope with the financial challenges related to critical illnesses.
Group critical illness insurance provides lump sum payments to employees who are diagnosed with one of the covered conditions listed in the policy and when all of the other policy conditions are met.
The lump sum benefit can be used to cover any expenses such as child care, mortgage payments or out-of-pocket medical costs.
“Unexpected illness brings unexpected challenges,” said Eli Vogen, director, Voluntary Products, Securian Financial Group. “By offering critical illness insurance as an employee benefit – or making the coverage available to employees as an option – employers can help employees prepare financially for unexpected life events.”
Unexpected illness is surprisingly frequent. Every day in the US:
· 4,000 men and women are diagnosed with cancer1
· 2,100 people suffer heart attack1
· 2,000 people are hospitalized because of a stroke American Association of Critical Illness Insurance, 2012
Advances in medical technology mean more people survive these illnesses The Centers for Disease Control and Prevention. National Center for Health Statistics. US Vital Stats, 2013 and are faced with unexpected, often long-term expenses.
Employers can tailor their group critical illness insurance plans to meet the unique requirements of their benefits strategies and employee populations. The policy Products are offered under policy form series 13-31600. This policy provides limited benefits. The policy has exclusions, limitations, reduction of benefits, and terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, contact Minnesota Life Insurance Company. Product availability and features may vary by state. In New York, insurance products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. This product is not available in New York. offered by Minnesota Life has features which include:
· 25 covered conditions
· Guaranteed issue amounts for employees, spouses and children
· Multiple payout and recurrence provisions