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Benefits June 14, 2002
Jefferson Pilot Offers Critical Care Coverage
June 14, 2002 (PLANSPONSOR.com) - Benefit Partners
is offering a new critical illness benefit, which generates a
payout when an employee contracts a critical illness such as
a heart attack or stroke and meets a survival
period.
Reported by Fred Schneyer
Benefit Partners, the employee benefits division of Jefferson Pilot Financial, is making its Critical Assistance Recovery Enhancement (CARE) product available as an optional benefit when purchased with Jefferson Pilot’s true group or voluntary long-term disability plans.
According to a company announcement, covered critical illnesses or ailments include a:
- heart attack
- life-threatening cancer
- major organ transplant
- kidney failure
- stroke
The company announcement said the payout goes to the insured employee without restrictions as to how it can be spent. The money can be used to help fill insurance coverage gaps, provide protection for incidental expenses incurred because of the illness, or to protect retirement savings, the company said.
Employers choose the CARE benefit amount for their employee population – the choices are a lump sum equal to three, six or 12 times the employee’s gross monthly long-term disability benefit up to a maximum benefit of $25,000.