Critical Illness Insurance
A major illness, such as cancer, a heart attack or stroke, can leave you financially overwhelmed. Critical illness insurance can help by relieving the financial impact of an illness so you can focus on recovery. With critical illness insurance, you will receive a lump sum payment when you or a covered dependent are diagnosed with a covered illness under the plan. This coverage has no pre-existing condition limitation. If a previous illness returns or you are diagnosed with an additional covered illness, the lump sum benefit remains payable up to the benefit reoccurrence maximum. You can use the payment in any way you choose.
The Critical Illness Insurance Plan is a greatly enhanced benefit that encompasses cancer, heart attack, stroke, Alzheimers and much more — all in one plan. The Hartford has also waived pre-existing conditions which means as long as the event or date of diagnosis takes place after the effective date, the plan will pay out and there will be no look back at prior medical history.
Benefit Coverage Amount
At the time of enrollment, you elect an employee coverage amount:
If covering your spouse, their coverage will be equal to your employee election. Coverage for dependent children is $5,000 total, not per child. The premium is based on employee age, level elected and who is being covered by the policy.
Recurrence and Separation Condition
Critical illness insurance has a recurrence and 6 month separation condition. Illnesses are categorized by cancer conditions, vascular conditions, neurological conditions and other generalized conditions.
- If an employee is diagnosed with two different, non-related covered illnesses like a stroke and cancer, no separation period is required.
- If an employee is diagnosed with two similar illnesses like a heart attack and stroke, both of which are considered vascular conditions, then a 6 month separation period between the illnesses is required.
- If the employee has two of the same illnesses such as two heart attacks and the illness is listed as a covered recurrence illness, then a 6 month separation period is required.