Providing Critical Illness Insurance Doesn’t Have to Cost You Anything

Offer voluntary critical illness insurance to help your employees cover financial protection gaps.

by Brian Benedict

Protectors Life is now part of the top producing Colonial Life employee benefits agency in Indiana, Rogle & Associates Inc, as well as one of the top in the country.

Colonial Voluntary benefits for 3+ employees ( PDF Brochure )

You’d like to offer your employees a rich benefits plan like in the “good old days,” but rising costs and health care reform complexity may be making that a challenge. If you’re like most employers, you’ve had to reduce your health insurance coverage and offer higher deductibles and co-pays. These changes may have helped keep your costs down, but they’ve probably made it more difficult to attract and keep the best employees. What’s more, these changes could have created coverage gaps for your employees. This means they’re now more vulnerable to financial stresses if a family member is struck by a critical illness. That’s why many savvy employers are offering voluntary critical illness insurance.


How critical illness insurance is different

Understanding critical illness insurance requires a change in thinking. Most of us expect traditional health insurance to cover a portion of the cost of medical tests, procedures, medications and other disease-related medical expenses. For routine medical care, many families may be able to afford their portion of the bill.

With a critical illness such as heart attack, stroke, kidney failure or cancer, the picture changes. There can be gaps between actual medical costs to treat a critical illness and what’s paid for by traditional health insurance. High deductibles and co-pays can really add up when medical care is intensive and ongoing. Health insurance may not pay for alternative and experimental treatments or treatments at out-of-network providers, such as those at some of the nation’s leading clinics and specialists. Health insurance may also not cover reconstructive medical costs and prosthetics.

In addition, many indirect costs aren’t covered: lost wages or salary, assistance at home, transportation to and from a treatment center, lodging and meals and child care. If the insured is disabled, the family may have to make its home wheelchair accessible or purchase a new handicapped-accessible vehicle. A critical illness can affect a family on many levels.

How critical illness insurance can protect a family’s financial future

It may surprise you to learn that out-of-pocket costs associated with an unexpected health issue can be as high $14,444 for a critical illness.1

This is where critical illness insurance can help protect your employees’ financial assets and may help them avoid financial problems. Benefits from a critical illness insurance policy are paid in a lump-sum directly to insureds upon diagnosis. This way, insureds can use the benefits in any way they need.

Voluntary critical illness insurance is affordable for most employers

You can add voluntary critical illness insurance to your benefits line-up in a way that works best for you and your company. You can choose from individual or group voluntary critical illness products. Plus, you have the option of paying the premium, paying a part of it or offering it as a voluntary product your employees can pay for through payroll deductions.

No matter what the size of your workforce, you’ll find that critical illness insurance can be less expensive than you expect. For example, a 35-year-old employee can buy $25,000 worth of individual coverage for under $15 each month. If this same person is married, he or she can expect to pay under $25 each month for two-parent coverage.2

Critical illness insurance can be a real help to your employees – and to your company’s benefits program.

1 MetLife Accident and Critical Illness Impact Study, October 2013

2 Rates vary by state.

About the author

Brian Benedict is a Benefits Counsellor for Colonial Life. A veteran of more than 13 years in the insurance and benefits industry, Brian is responsible for marketing Colonial Life’s products and services in Indiana & Ohio

Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information call Brian Benedict at 765-277-2770, visit or connect with the company at, and  

Protecting Hometown Heroes

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Protectors Life is now part of the top producing Colonial Life employee benefits agency in Indiana, Rogle & Associates Inc, as well as one of the top in the country.


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