Critical Illness Insurance helps provide financial support if diagnosed with a covered critical illness.

If you’re diagnosed with a critical illness like cancer, heart attack or stroke, your life can change quickly. In addition to the emotional and physical toll, there may be strain on your personal finances. While medical insurance typically covers most medical costs, other types of expenses can arise — like deductibles, transportation costs, additional child care and household tasks you can’t do for yourself. 

However, once you’re enrolled in Critical Illness Insurance, you can plan for the unexpected before it happens and avoid tapping into your hard-earned savings or other sources. With this policy, you receive cash benefits paid directly to you (unless otherwise assigned) to use however you choose. 

• Cash benefit paid directly to you to use any way you choose
• No exclusions for pre-existing health conditions, but covered diagnoses must occur after the coverage effective date 
• $50 health and wellness benefit available to everyone enrolled in coverage
• In addition to medical care, you may use it to pay for things like childcare, lodging, or over-the-counter medication
• May be paid again when the same critical illness occurs after a stated separation period 

This payment is in addition to your employer’s major medical. However, it is NOT a substitute for these coverages and does not meet minimum essential coverage as defined by federal law. 

Dealing with a critical illness can be costly to you in 2 ways:

• Medical bills. It’s not unusual for a critical illness to result in out-of-pocket expenses. It starts with the usual, deductibles and copays. You might decide to go to a doctor or facility that’s “out of network.” You might decide to get a second opinion or type of treatment may not be covered. When your health is at stake, it's important to feel like you have control and choices.
• Lost income. Treatment and focus on recovery may require extra time away from work. That can impact the paycheck your family may rely on to keep everything on track. Or you might discover you have added expenses because you need more help around the house, extra childcare, or additional lodging near treatment. These costs can subtract from your wages or savings. 

The advantage of this insurance is simple: you enroll, receive a cash payment and you can use your critical illness benefit any way you choose. You can also use this money to help pay daily living expenses such as grocery bills, mortgage payments, childcare, and transportation – all of which can be an added worry if you lose income while you’re out of work.

Access to this benefit may help you have more control over your finances and ultimately your health care options, too. Less stress about money and added peace of mind are both great ways to support your recovery.

These are the periods when you are eligible to enroll for Critical Illness Insurance:

1. Within your new hire enrollment period
2. If you have a qualifying life event (you get married, have a baby, etc.)
3. During your employer’s annual enrollment

Check with your employer’s human resources/benefits team for specifics about these timeframes.

Keep in mind: You must have coverage in place before a covered critical illness occurs in order to be eligible to collect the benefit. 

Visit our educational microsite for more information about your coverage options and costs. Visit securian.com/chevron-insurance