Midwest Coalition of Labor Trust, IUOE Local 49
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.
Your Critical Illness Insurance includes the following benefits:
This is a yearly benefit you and everyone covered on your certificate can earn by completing an eligible health screening test.
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
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):
Why should I enroll through my employer?
Premium amounts are deducted from your paycheck, so you don’t have to worry about paying another bill.
Can I purchase coverage for my spouse and child?
Coverage is available for your eligible spouse and your eligible children up to age 26* as defined in the certificate of insurance and riders, if employee coverage is elected.
*Standard ages may vary.
How much does it cost?
The cost of Critical Illness Insurance varies based on your age and the amount of coverage. It is very likely that your monthly premiums will be less than your monthly lunch budget.
Do I need to provide health information?
You are eligible for guaranteed issue, which means no medical questions or tests are required to enroll in this coverage. Pre-existing conditions may apply. See the Certificate of Insurance and any riders for a complete list of available benefits along with applicable provisions, exclusions and limitations.
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), a member of the Voya® family of companies. Policy Form #RL-CI4-POL-16 and Certificate Form #RL-CI4-CERT-16. Form numbers, provisions and availability may vary by state.
Critical Illness Insurance can help you manage the financial stress related to a critical illness, like a heart attack or a stroke. You can use the benefit to pay for medical expenses, monthly bills or however you like.
Example expenses over two months
|Medical expenses (Deductible/Co-pay)||$5,000|
|Total out-of-pocket expenses||$10,600|
Maximum Critical Illness benefit paid
|Total benefit paid||$10,000|
The amounts shown above are for illustrative purposes only. Actual costs/results may vary. The benefit amount assumes a maximum critical illness benefit of $10,000 of base coverage. Your employer may offer a different maximum critical illness benefit with other options.
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