Critical Illness Insurance

Critical Illness Insurance

When someone is diagnosed with a life-threatening illness, the physical and emotional challenges can be overwhelming. Expenses associated with the illness can result in considerable additional stress in these difficult circumstances. Zurich’s Critical Illness Insurance is a supplemental coverage benefit employers and affinity groups (associations, financial institutions, membership clubs and other eligible organizations) can offer to help ease the financial hardships of their valued workers and members.

What is Critical Illness Insurance?

Critical Illness Insurance, one of Zurich’s Supplemental Benefits offerings, is independent of other medical coverage and can help meet some expenses not covered by standard health insurance policies. It provides a lump-sum payment to a covered individual who is diagnosed with one or more of the critical illnesses outlined in the policy.

How does Critical Illness Insurance coverage work?

The benefit is paid directly to the insured individual, who can choose how to use it, such as to help cover deductibles, lost wages, household bills, alternative treatment or other needs. This flexibility allows the beneficiary to focus on recovery and not on the financial impact of a critical illness.

What are examples of critical illnesses covered under the plan?

A range of critical illnesses can be covered, including:

• Cancers and tumors, including skin cancer and benign brain tumors
• Heart and/or circulatory illnesses, including coronary artery disease and events such as a heart attack, stroke or ruptured aneurysm
• Organ disease requiring a transplant, such as end-stage renal failure
• Paralysis and other conditions that can result in loss of use, such as dismemberment, coma, severe burn, blindness and/or loss of speech
• Adult illnesses such as advanced Alzheimer’s disease, Parkinson’s disease and occupationally transmitted HIV or hepatitis
• Childhood conditions such as cleft palate and cerebral palsy

Critical illness coverage options and enhancements include family plans, broad limits and additional benefits for lodging, hospitalization, transportation and more.

What are the advantages of offering a Critical Illness Insurance plan?

Offering Critical Illness Insurance to your employees or group members can be a valuable part of a benefits package. For employers, a critical illness option shows current employees and potential new hires that you are concerned for their well-being and financial stability, helping you attract and retain top talent. For affinity groups, offering the coverage can be a real competitive edge in reaching new customers and members.

Zurich’s flexible plans can be customized for the specific needs of each organization and within a wide range of benefits administration platforms. We have a dedicated support team for coordination of plan development, marketing, administration onboarding, and program management.

Do my employees or members need Critical Illness Insurance coverage?

With out-of-pocket health insurance costs rising,¹ workers and group members are looking for support in managing those expenses. Even those with strong traditional healthcare plans can find their personal finances strained by these costs. Critical Illness Insurance can help employers and affinity groups provide financial support for their workforce and membership communities.

Can critical illness insurance be used for out-of-pocket costs?

Yes, Zurich’s Critical Illness Insurance is focused precisely on addressing this need. The cash benefit can be used however the beneficiary chooses, including to help cover high deductibles, co-pays and other medical expenses not covered in the insured’s other healthcare insurance policies.

1. Rosenthal, Meredith B. “The Growing Problem of Out-of-Pocket Costs and Affordability in Employer-Sponsored Insurance.” JAMA (Journal of the American Medical Association), Vol. 326, No. 4. 27 July 2021.