Reasons to Consider Critical Illness Insurance

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Workplace Benefits

Reasons to Consider Critical Illness Insurance

3 min read Sep 08, 2020

If you or your spouse were to get a serious illness, could you cover out-of-pocket costs, experimental treatments, childcare, and other daily expenses that may not be covered by your medical insurance? Research shows that 32 percent of working Americans have outstanding medical debt, and 54 percent of people with medical debt have defaulted on it.

One way you can help protect your family financially is with critical illness insurance. Here are three things to know about this benefit that may be available through your employer.

1. It’s different than medical insurance

Contrary to what many people believe, medical insurance may only cover a portion of the expenses associated with treating a serious illness. Plus, additional costs that often come with recovering, like childcare, transportation, and grocery delivery, may be left up to you. Critical illness insurance can provide you with a benefit that can help you pay for unexpected costs, such as those that your existing medical insurance may not cover.

2. It pays a lump sum directly to you

One of the benefits of critical illness insurance is that it pays a lump sum directly to you for covered conditions—not to healthcare providers—so you can use the money on anything you need.  Household expenses, medical payments, or personal needs for you and your family—you’re in charge of how to spend it.

3. It covers a range of serious illnesses

A common misconception is that critical illness insurance only covers certain cancers.1 In fact, it may also cover a heart attack, kidney failure, and even COVID-19, in some cases.  No one wants to think about getting sick, but it’s important to realize that these types of illnesses can happen, so it’s best to be prepared.

Open enrollment is a good time to consider how critical illness insurance—and other benefits—could help support your family’s financial goals. Take our quiz to see what products might be right for you.

Critical Illness Insurance

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Please review the Disclosure Statement or Outline of Coverage/Disclosure Document for specific information about cancer benefits. Not all types of cancer are covered. Some cancers are covered at less than the Initial Benefit Amount. For NH-sitused cases and NH residents, there is an initial benefit of $100 for All Other Cancer.

METLIFE CRITICAL ILLNESS INSURANCE (CII) IS A LIMITED BENEFIT GROUP INSURANCE POLICY.  Like most group accident and health insurance policies, MetLife’s CII policies contain certain exclusions, limitations and terms for keeping them in force. Product features and availability may vary by state.  In most plans, there is a pre-existing condition exclusion. After a covered condition occurs, there is a benefit suspension period during which most plans do not pay recurrence benefits, except in the case of insureds covered under a New York certificate. MetLife offers CII on both an Attained Age and an Issue Age basis.  Attained Age rates are based on 5-year age bands and will increase when a Covered Person reaches a new age band.  MetLife’s Issue Age CII is guaranteed renewable and may be subject to benefit reductions that begin at age 65. Premium rates for MetLife’s Issue Age CII are based on age at the time of the initial coverage effective date and will not increase due to age; premium rates for increases in coverage, including the addition of dependents’ coverage, if applicable, will be based on the covered person’s age at the time of the initial coverage effective date. Rates are subject to change for MetLife’s Issue Age CII on a class-wide basis.  A more detailed description of the benefits, limitations, and exclusions applicable to both Attained Age and Issue Age CII can be found in the applicable Disclosure Statement or Outline of Coverage/Disclosure Document available at time of enrollment. For complete details of coverage and availability, please refer to the group policy form GPNP07-CI, GPNP09-CI or GPNP14-CI, or contact MetLife for more information.  Benefits are underwritten by Metropolitan Life Insurance Company, New York, New York.

MetLife's Critical Illness Insurance is not intended to be a substitute for Medical Coverage providing benefits for medical treatment, including hospital, surgical and medical expenses.  MetLife's Critical Illness Insurance does not provide reimbursement for such expenses.

Nothing in these materials is intended to be advice for a particular situation or individual. These materials are for general information purposes only.