Yes you read it correctly, there is a new Group Benefit Critical Illness Insurance Company in town. The name of the Insurance Company is Allstate and they have some unique features that are ground breaking. Your company must have a minimum of 10 employees participating in the benefit plan.
The unique features are:
- For no additional cost they will insure the employee’s dependent child(ren) for half of the employee’s benefit. For example: An employee has $25,000 of tax free Critical Illness insurance, each child can be insured for $12,500, oh, did I mention at no additional charge. Whoops I put that at the front of this paragraph. Kind of a BIG deal.
- Spouses can be insured for half of the face amount of the employee, if you are looking at the above example, the spouse would be insured for $12,500. There is an additional cost to insure the spouse, since the risk is quite a bit higher.
- There is a waiver of premium included, so if an employee becomes disabled, after 6 months of approved disability, Allstate will pay the premium for this benefit for up to 2 years or recovery, whichever comes first.
- These next few items are even BIGGER Deals, NO Pre-existing Condition… Yes, you heard me correctly, NO Pre-existing Condition. Normally, with Critical Illness if an employee has Received Treatment, Taken Medication or Been Diagnosed with an illness 24 months prior to the employee’s effective date on the benefit plan; if they were diagnosed with a related illness up to 24 months after their effective date on the plan, there would be NO payment of the benefit. Allstate will pay as long as the employee is diagnosed with one of the recognized illnesses after the effective date on the benefit plan.
- As if that wasn’t enough, I left the best for last… Another BIG Deal, there is NO 30 Day Survival period. The date the employee receives the diagnosis, we can apply for the benefit. Which means in most claims, the employee would have the money before they have finished satisfying the 30 day Survival with other Insurance Companies. If the employee does not survive the 30 days with the other Insurance Companies, no benefit would ever be paid. Under Allstate this 30 Day Survival doesn’t exist.
- Last but not least, the premiums, except for including Spousal are the same as most other Insurance Companies.
To get your quote and to sign up with this incredible benefit plan, contact Glendinning Insurance Services, your Resource Specialist.