Pan-American Life Insurance Group (“PALIG”) has unveiled new group critical illness and cancer insurance plans.
The company said in a statement that the plans provide employees of companies in the U.S. and their dependents a lump sum cash benefit upon first diagnosis of cancer or any of the 10 covered critical illnesses.
“When faced with life changing illnesses, patients suffer physical, emotional, and financial stress,” said John Foley, the president of PALIG's U.S. group business. “With the new critical illness and cancer plans, we hope to provide a helpful balance of protection and support for employees and their families.”
According to the company, the lump sum cash benefit of both the critical illness and cancer plans can be used for expenses that are not typically covered by other health insurance plans, such as lost income while the employee is unable to work, household expenses, medical bills, alternative treatments and drugs, home health care, child care services, and travel related to treatments.
PALIG said that employees will receive 100 percent of the face amount for the following covered critical illnesses and 25 percent for partial cancer and coronary artery bypass grafting (“CABG”):
- Benign brain tumor
- Blindness
- Full cancer
- Heart attack
- Kidney failure
- Major organ failure
- Permanent paralysis
- Stroke
In addition to the “full cancer benefit” included in both policies, Pan-American Life said that it also pays an additional benefit amount when a covered person is diagnosed with breast cancer.
“As out-of-pocket health costs continue to rise, we know how much of an impact illnesses can have on personal finances,” added Carlo Mulvenna, vice president of PALIG's U.S. group business. “Both of these lump sum plans help employees complement their company's medical insurance, thus enhancing their entire benefits package.”
Learn more: http://www.palig.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].