Critical Illness Insurance | Transamerica

Critical Illness Insurance | Transamerica

Critical Illness Insurance

Helps you alleviate the expenses that come with a covered critical illness.

Enrollment is only allowed for New Hires

Here's what you need to know

Critical Illness Insurance helps provide financial support if diagnosed with a covered critical illness.

 

If you’re diagnosed with a critical illness like a heart attack or stroke, your life can change quickly. In addition to the emotional and physical toll, there may be strain on your personal finances. That’s because while a major medical plan may pay for some of the costs associated with treatment, out-of-pocket expenses like co-pays and deductibles can still put a strain on your savings. 

 

However, once you’re enrolled in Critical Illness Insurance, you’ll have additional financial protection if you have a covered critical illness. With this policy, you receive cash benefits paid directly to you (unless otherwise assigned) to use however you choose. 

 

  • Gives a payment to use however you see fit
  • The payment is made directly to you (unless otherwise assigned)
  • It can help pay out-of-pocket expenses related to medical care associated with covered illnesses
  • In addition to medical care, you may use it to pay for things like childcare, lodging, or over-the-counter medication

 

This payment is in addition to your employer’s major medical plan – and in addition to any other type of medical coverage, disability insurance, or other benefits you may be eligible for or collect. However, it is NOT a substitute for these coverages and does not meet minimum essential coverage as defined by federal law. 

Dealing with a critical illness can be costly to you in 2 ways:

 

  • Medical Bills. It’s not unusual for a critical illness to result in out-of-pocket expenses. It starts with the usual, deductibles and copays, but it doesn’t end there. You might decide to go to a doctor or facility that’s “out of network.” You might decide to get a second opinion or type of treatment that isn’t covered at all. When your health is at stake, it's important to feel like you have control and choices. 
  • Lost Income. Treatment and focus on recovery may require extra time away from work. That can impact the paycheck your family may rely on to keep everything on track. Or you might discover you have added expenses because you need more help around the house, extra childcare, or additional lodging near treatment. These costs can subtract from your wages or savings. 

 

The advantage of this insurance is simple: you can use your critical illness benefit any way you choose. You can use it to help pay for medical expenses like deductibles and copays, as well as any non-medical expenses. You can also use this money to help pay daily living expenses such as grocery bills, mortgage payments, childcare, and transportation – all of which can be an added worry if you lose income while you’re out of work.

 

Access to this benefit helps you more control over your finances and ultimately your health care options, too. Less stress about money and added peace of mind are both great ways to support your recovery.

These are the periods when you are eligible to enroll for Critical Illness Insurance:

 

  1. Within your new hire enrollment period
  2. If you have a qualifying life event (you get married, have a baby, etc.)
  3. During your employer’s annual enrollment 

 

Check with your employer’s human resources/benefits team for specifics about these timeframes.

 

Keep in mind: If you enroll during these timeframes, you have what is called "guaranteed issue," which means you may qualify for Critical Illness Insurance without answering health questions. You must have insurance in place before a covered critical illness occurs in order to be eligible to collect the benefit when you need it. 

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Plan Overview
Critical Illness Certificate

How It Works

Number One Enroll Now Icon

You enroll in Critical Illness Insurance

Number Two Doctor Checkup Icon

After insurance is in effect, you receive a diagnosis of a covered critical illness 

Number Three Giving Money Icon

Receive a payment

Number Four Moneybag Icon

Use your money however you want

Doctor's test results indicate a heart attack diagnosis.

That’s when Critical Illness Insurance comes in.

Because you have Critical Illness Insurance, your diagnosis means you’re eligible to receive a payment you can use any way you choose.

Frequently Asked Questions

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  • Who is the provider?

    Transamerica Life Insurance Company

     

    With 90 years of experience in providing employee benefits, Transamerica is committed to helping people protect what matters most. We are on mission to help employees pursue a more secure financial future so they can live their best lives. And we’re here to provide support every step of the way.

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  • When is a benefit paid under the policy?

    Once your insurance is in effect, you’ll collect benefits for a variety of events related to a covered critical illnesses. These benefits vary by state and may have other limitations and exclusions that may affect what’s payable. Refer to the policy documents for complete details.
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  • Who in my family is eligible for this insurance?

    All regular employees working 20 hours or more per week and eligible family members.

     

    Eligible family members are defined in the Participating in Healthcare Benefits section of our Summary Plan Description.

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  • How much does this insurance cost?

    This is group insurance offered at group rates. Refer to the policy documents for complete details. 
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  • Will my rates increase as I get older or if I file a claim?

    Rates are set up based on age range. Your rates may increase January 1st the year following a birthday, if the birthday moves you to a new age range. Example: July 22nd an employee turns 30, effective January 1st employee’s cost will move from 25-29 age range cost, to 30-34.
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  • Do I have to answer health questions or take a medical exam?

    No, you don’t. If you enroll during your eligible enrollment periods, you have "guaranteed issue," which means you may qualify for insurance without answering health questions.
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  • What if my employment status changes?

    Good news! If you leave or retire from your current employer, you can continue your Critical Illness Insurance without interruption (subject to applicable law and the policy’s terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply. 
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  • When would my insurance start?

    Your Critical Illness Insurance is effective on the first day of the month after the enrollment certificate is signed. 
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  • Am I really free to use the payment any way I choose?

    Yes, you are! There are no restrictions or requirements about how you can use your critical illness cash benefit. When you’re facing a critical illness, you want to be able to focus your time and energy on treatment and recovery. This policy can help you do just that. You’re free to use your benefit on medical expenses and/or non-medical expenses. Having that kind of flexibility can help you feel more in control over your care and your finances at a very stressful time.
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  • What if I'm diagnosed with more than one critical illness?

    Each and every different critical illness and cancer can be paid on with no total benefit limit. You are also eligible for a second payout for a recurrence of the same critical illness as long as the diagnoses are at least 12 months apart (12 months treatment free for Cancer). $15,000 is the annual maximum (100% total benefit) payout per critical illness, and some illness are covered at a benefit percentage under 100%, meaning they are not eligible for the full $15,000 payout.

     

    Diagnosed Covered Illness

    Total Benefit %

    Benefit Paid

    Skin cancer

    5%

    $750

    Alzheimer’s

    30%

    $4,500

    Heart attack

    100%

    $15,000

    Heart attack (6 months after first heart attack)

    100%

    $0 (due to recurrence within 12 months)

    Cancer

    100%

    $15,000

    Total Potential Claim Benefit*

     

    $35,250

     

    *Treatment and claim benefit amounts are for illustration purposes only. Actual benefit amounts will vary based on your individual diagnoses submitted.

This is a brief summary of CriticalEvents® critical illness indemnity insurance underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, Iowa. TLIC is not an authorized insurer in New York. Policy Form Series TMCI10MI-0118 and TCCI10MI-0118. Forms and numbers may vary. Insurance may not be available in all jurisdictions. Limitations and exclusions apply. Please refer to the policy, certificate, and riders for complete details.
EB2 3237297 S 11/23

Are you ready To Enroll?

Act now to put Critical Illness Insurance in place to help offset expenses that may not be covered by other insurance.

Enrollment is only allowed for New Hires

 

 

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Phone Number: 1-800-626-9069