Washington National releases critical illness product

CARMEL, Ind., Oct. 23, 2023 – Washington National Insurance Company today announced the introduction of its new Critical Illness Insurance product. Available for individual and worksite sales, Critical Illness Insurance offers financial protection in the form of lump-sum cash benefits and helps ensure financial security for policyholders and their families when they are faced with an unexpected critical illness such as cancer, heart attack and/or stroke.

Washington National’s Critical Illness Insurance also offers policyholders the flexibility to use their cash benefits without restrictions, including out-of-pocket expenses, deductibles, coinsurance, living expenses, and everyday bills. The offering comes at a time when addressing critical illness is increasingly important. Among the statistics from two leading health organizations:

• The American Cancer Society (ACS) reports that one in two American males and one in three American females develop cancer in their lifetime.¹
• The Centers for Disease Control and Prevention (CDC) cites that heart attacks and strokes are even more common, both occurring every 40 seconds in the U.S.^2,3

Beyond the physical and emotional toll it brings, critical illness also carries significant financial burdens for impacted patients. According to the ACS Cancer Action Network, 51% of cancer patients and survivors carry medical debt from their cancer-related treatment.⁴

“Many middle-income Americans are continually being challenged by increasing cost-of-living expenses, and when they are faced with an acute health situation, the last thing they should be concerned about is finances,” said Kari Desai, vice president, product development, CNO Financial Group. “Policyholders and their families need supplemental health benefits, like Critical Illness Insurance, to give their family extra financial protection. We are passionate about creating solutions around critical illness and providing peace of mind to patients and their families so they can focus on a positive road to recovery.”

The new solution covers major illnesses and complements existing Washington National supplemental health insurance plans. It also offers customized pricing by providing three base level choices with enhanced optional riders, among them:

• An optional Return of Premium/Cash Value Benefit rider, which enables customers to get 100% of their premiums paid, minus any claims incurred, at the end of the rider period
• Critical Conditions Benefit rider
• Cancer Benefit rider
• Heart and Stroke Benefit rider
• Hospital Intensive Care Unit (ICU) Benefit rider
• Wellness Screening rider

Washington National’s Critical Illness Insurance is available in 25 states: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Iowa, Kentucky, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, Nevada, Oklahoma, South Carolina, South Dakota, Texas, Wisconsin, West Virginia, and Wyoming. This product will be available in additional states in the future.

To learn more about Washington National Critical Illness Insurance and company’s full suite of voluntary benefits, which include insurance products covering accident, cancer, heart and stroke, life and hospital, please visit WashingtonNational.com.