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Bankers Life introduces new critical illness insurance product in US

Bankers Life and Casualty Company has expanded its critical illness insurance product portfolio with the introduction of the new Critical Benefit Plus.

The company’s current Critical Benefit plan offers coverage for cancer, heart attack, stroke, end-stage renal failure, coronary artery bypass graft and angioplasty.

The new Critical Benefit Plus plan provides coverage for eight additional critical conditions, comprising of Alzheimer’s, permanent blindness, permanent paralysis and permanent deafness.

In addition, it offers coverage for coma, diabetic amputation, major organ transplant surgery and major organ transplant with active waiting list.

The company has designed both products to provide additional financial protection for costs associated with treatment and recovery.

They will also offer non-medical expenses such as deductibles, copayments and out-of-network expenses, as well as at home recovery and treatment, loss of income, home payments, utilities and groceries, and child care and transportation costs.

Critical Benefits Plus, which is designed for people aged between 18 and 85, offers lump-sum cash benefit options up to $70,000.

Currently, the company is providing new product in 15 US states through its insurance agents.

Bankers Life and Casualty Company president Scott Goldberg said: "With advancements in medical treatment, those who are diagnosed with a critical condition are surviving longer than ever, but the costs of treatment are mounting.

"Most medical insurance or Medicare alone may not protect against these unexpected costs. More and more, these financial risks are being transferred to individuals, leaving them exposed."