Prudential Group Insurance, a business unit of Prudential Financial (PRU), has rolled out Critical Illness insurance plan to provide financial assistance in the event of diagnosis of critical illness or condition.
Under the new plan, the employers with over 1,000 staff can provide critical illness coverage to assist their employees to deal with the financial burden of diagnosis of critical illnesses, including cancer, heart attack and stroke, among others.
Flexibility of the plan allows the beneficiary to spend the compensation on any purpose, either on medical related expenses or paying for education, child care and other costs that might not be able to be covered, when a person suffers with a serious illness.
Prudential Group Insurance voluntary benefits vice president Bob Patience said that availability of modern medical facilities has increased the chances of survival in the conditions of critical illness.
"However, the out-of-pocket costs during treatment and recovery, even with a good medical plan, can be daunting. Critical Illness can help to pay such expenses," Patience added.
"The inclusion of Critical Illness insurance in a group insurance plan enables employees to help protect their financial wellness as well as their physical wellness."
Critical Illness offers coverage under heart attack, cancer, major organ transplant, renal failure, stroke, and coronary artery bypass surgery, although other conditions may also be included.
Prudential Group Insurance creates and distributes an array of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the US to institutional clients.