Michigan Technological University
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.
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
Certificates
Review this document for a complete overview of benefits
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.
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. Please refer to your enrollment materials or contact your employer.
Do I need to provide health information?
Critical Illness Insurance coverage is available on a guaranteed issue basis. Pre-existing condition limitation 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; Certificate form #RL-CI4-CERT2-20; and Rider forms: Spouse Critical Illness Rider Form #RL-CI4-SPR2-20; Children's Critical Illness Rider Form #RL-CI4-CHR2-20; Wellness Benefit Rider Form #RL-CI4-WELL2-20; Absence of Employment Rider #RL-AEPW-20; Additional Services Rider #RL-ASPR-20; Continuation of Insurance Rider #RL-CNT2-20; Infectious Condition Additional Benefit Rider Form #RL-CI4-ICBR-22; Specified Conditions Rider Form: RL-CI4-SCR-23; Benefit Enhancement Rider Form: RL-CI4-BER-23.
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 1/1/2023 – 9/15/2023 was $11,847.06. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.