Bankers Life and Casualty Company Launches New Critical Illness Insurance Product

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Jul 10, 2012, 07:30 ET

CHICAGO, July 10, 2012 /PRNewswire/ -- Bankers Life and Casualty Company today announced a new addition to its portfolio of life and health insurance products, Critical Benefit(SM).

Critical Benefit is critical illness insurance that pays a lump-sum benefit when an insured person is diagnosed with a specified critical illness. It's designed to provide additional financial protection associated with treatment and recovery as well as cover non-medical expenses, such as:

Loss of income
At home recovery or treatment
Experimental and or alternative medicine
Co-pays, deductibles and out-of-network expenses
Child care and transportation costs

With the ever-rising, high-deductible health plans and the gaps in the insurance coverage carried by most middle-income Americans, critical illness insurance can provide valuable financial protection after a critical diagnosis.

"The risk of a critical illness is real," said Chris Campbell, vice president of strategic marketing and business development for Bankers Life and Casualty Company. "According to the American Cancer Society, one in two men and one in three women will develop cancer in their lifetime and per the American Heart Association, every 40 seconds, someone in the United States will suffer a stroke. Policies like Critical Benefit can help alleviate the financial burden and stress that can come from the unexpected costs associated with treatment and recovery of a common catastrophic illness."

Critical Benefit is available for people age 18 to 85 and offers three policy options:

Cancer only coverage pays the full lump-sum cash benefit if diagnosed with cancer.
Heart attack, stroke and end-stage renal failure coverage pays the full lump-sum cash benefit when one critical illness is diagnosed.
Combination coverage pays a cash benefit when cancer, heart attack, stroke or end-stage renal failure is diagnosed.

Based on the selected coverage amount, the lump sum cash benefit is between $10,000 to $70,000 and in $10,000 increments.

Bankers' critical illness insurance also provides several unique policy features including 1) benefit amount paid directly to the insured, not a hospital or doctor, 2) no restrictions on how you use your cash benefit, and 3) benefit paid regardless of any other type of private medical insurance or Medicare coverage.

Critical Benefit is currently available through Bankers' career insurance agents in 32 states: AL, AK, AR, CT, DE, HI, IA, ID, IL, KS, KY, LA, ME, MI, MO, MS, MT, NC, NE, NH, NM, NV, OH, OK, PA, RI, TN, TX, UT, VT, WI, and WV. Releases will continue as additional state approvals are received and policy benefits may vary by state.

About Bankers Life and Casualty Company

Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. The nationwide company, a subsidiary of CNO Financial group, Inc. (NYSE: CNO), offers a broad portfolio of life and health insurance retirement products designed especially for retirees. Visit us online at www.bankers.com

SOURCE Bankers Life and Casualty Company