Washington National Releases New Critical Illness Insurance Product

Provides Financial Protection to Those Faced With an Unexpected Critical Illness Such as Cancer, Heart Attack or Stroke

CARMEL, Ind., Oct. 23, 2023 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans, 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.

About Washington National Insurance Company
Washington National Insurance Company, a subsidiary of CNO Financial Group, Inc., has helped Americans since 1911 to protect themselves and their families from the financial hardship that often comes with critical illness, accidents or loss of life. The company's supplemental health and life insurance products are designed to help give policyholders and their loved ones' peace of mind. Policyholders can depend on Washington National to be a strong, caring partner in helping to provide financial security for them and their families. To learn more, visit WashingtonNational.com.

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

¹American Cancer Society, Lifetime Risk of Developing or Dying from Cancer, https://www.cancer.org/cancer/risk-prevention/understanding-cancer-risk/lifetime-probability-of-developing-or-dying-from-cancer.html, January 2023
²Centers for Disease Control and Prevention, Heart Disease Facts, https://www.cdc.gov/heartdisease/facts.htm, May 2023
³Centers for Disease Control and Prevention, Stroke Facts, https://www.cdc.gov/stroke/facts.htm, May 2023
⁴American Cancer Society Cancer Action Network, Survivor Views: Cancer & Medical Debt, https://www.fightcancer.org/policy-resources/survivor-views-cancer-medical-debt, March 2022.

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SOURCE Washington National Insurance Company