Critical Illness | Securian Financial

Critical Illness insurance provides a cash payout after you’re diagnosed with a covered illness.

If you’re diagnosed with a covered illness like cancer, heart attack or stroke, you get paid. A diagnosis doesn’t need to put extra strain on your finances. And you can use the money for whatever you need - deductibles, travel expenses, or keeping up with every day expenses like rent, groceries and child care, while you’re in recovery.

Critical illness insurance works alongside your health insurance, not instead of it. It helps you plan for the unexpected.

• 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

Any critical illness insurance payments are separate from your employer’s major medical. However, it is NOT a substitute for major medical coverage.

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.

You can enroll for critical illness insurance at these times:

1. When you’re newly hired - usually within 31 days of your start date
2. When you have a life event that allows a benefit change, such as getting married or having a baby
3. During your employer’s annual enrollment period

Your enrollment timing is set by your employer, so contact your benefits team for the exact dates and rules that apply to you.

Keep in mind: Your coverage must already be active before a covered illness is diagnosed in order for benefits to be paid. 

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

From the site, you can access Benefit Scout, a tool to help you evaluate how much life insurance you need.