Critical Illness Insurance pays a lump-sum benefit if you are diagnosed with a covered illness or condition that happens on or after your coverage effective date. Critical Illness Insurance is a limited benefit policy. This is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act. For a complete description of benefits, exclusions and limitations, refer to your certificate of insurance and any riders.
What is Critical Illness Insurance?
Critical Illness* Insurance pays a lump sum benefit if you are diagnosed with a covered illness or condition on or after your coverage effective date. Critical Illness Insurance is a limited benefit policy. This is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.
*Critical Illness is called Specified Disease in some states.
How can Critical Illness Insurance help?
Below are a few examples of how your Critical Illness Insurance benefit could be used (coverage amounts may vary):
Is this guaranteed issue coverage?
Critical Illness Insurance coverage is available on a guaranteed issue basis. Pre-existing condition limitation may apply.
How much does it cost?
To find out the exact cost of your insurance, you may request an application by clicking here. All applications will include a rate sheet.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Critical Illness Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN). Specified Disease Insurance is underwritten by ReliaStar Life Insurance Company of New York (Woodbury, NY). Both are members of the Voya® family of companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Voya Employee Benefits is a division of both companies. Policy Form #RL-CI4-POL-16 or Policy Form #RNY-CI3-POL-12; Certificate Form #RL-CI4-CERT-16 or Certificate Form #RNY-CI3-CERT-12. Form numbers, provisions and availability may vary by state.
Mike hadn’t expected to have a heart attack in his early forties but when he did, he was grateful he had Critical Illness Insurance. While Mike is expected to make a full recovery, his recuperation could have been more challenging had it not been for the benefit paid by his Critical Illness Insurance.
Example out-of-pocket expenses
| Medical expenses (Deductible/co-pay) | $5,000 | |
| Everyday expenses | $2,000 | |
| Mortgage payments | $2,800 | |
| Car payment | + | $800 |
| Total out-of-pocket expenses | $10,600 | |
Maximum Critical Illness benefit paid |
$10,000 |
|
| Total benefit paid | $10,000 |
This is shown for illustrative purposes only. Actual results may vary. Average Critical Illness Insurance claim paid from 1/1/2022 – 6/1/2022 was $10,773.55. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.