CRITICAL ILLNESS benefits for employees that benefit employers
Critical Illness VOLUNTARY A critical illness has a dramatic and immediate impact on employees and their families. The costs associated with such illnesses create hardships for many, especially with the trend toward higher out-of-pocket health care costs. Statistically, more Americans are surviving serious health conditions like cancer, heart attack and stroke, creating an immediate need for financial help. Companion Life s Group Critical Illness plan pays a tax-free, lump sum cash benefit to insured employees upon the first occurrence, and even recurrence, of a covered critical illness. These benefit dollars may be used to help replace lost income, travel, child care, medical deductible and other uncovered expenses. COVERED CRITICAL ILLNESS PAYABLE BENEFITS First Ever Occurrence Benefit Provides a lump sum payment when for the first time in his/her lifetime, and while covered under this policy, the Insured has undergone the specific procedure or been diagnosed with the specific condition included in the covered critical illnesses. Reoccurrence Benefit Pays when a covered critical illness for which a benefit has already been paid reoccurs. The two occurrences must be separated by at least 12 months or, for cancer, at least 12 months treatment-free. Up to two reoccurrences of any critical illness may be payable. Additional Occurrence Benefit Pays an additional benefit upon the diagnosis of a covered condition for which benefits previously have not been paid. In the case of two different critical illnesses, the latest occurrence must be separated by at least six months (at least six months treatment-free for cancer) from any prior occurrence. The Maximum payable under this policy is three times the policy face amount. Plan Tiers Companion Life offers these plan tiers: Employee Only Employee + Dependents Spouse and dependent children benefit is 50% of the employee s amount. Group Size Available to groups with 10 or more eligible employees Minimum Participation 10 enrolled insureds. No participation requirements if offered through Companion Life s Defined Contribution Plan. Eligible Employees work full time, 30 hours or more per week, are actively at work on the effective date and must have at least 30 days of continuous service with the employer. CARDIOVASCULAR PERCENT OF ADDITIONAL PERCENT OF CONDITIONS FACE AMOUNT CONDITIONS FACE AMOUNT Heart Attack 100% Major Organ Transplant 100% Stroke 100% End-Stage Renal Failure 100% Coronary Bypass Surgery 25% Blindness 100% CANCER PERCENT OF Deafness 100% CONDITIONS FACE AMOUNT Paralysis 100% Invasive Cancer 100% Accidental Loss of Speech 100% Cancer In-Situ 25% Coma 100%
CRITICAL ILLNESS BENEFIT AMOUNTS Companion Life s Voluntary Critical Illness allows the employer to choose the amount of coverage to be offered to the employees. Eligible employees may choose from two tiers: Employee only, or Employee and Dependents (includes spouse and children to age 26) Spouse and dependent children benefit is equal to 50% of the employee s amount Benefit Reductions Benefits reduce 25% at age 60 and 50% at age 65. Benefits terminate at retirement. Benefits are based on each insured s own age. GUARANTEED ISSUE All amounts are guaranteed issue based on the size of the group. ELIGIBLE EMPLOYEES MINIMUM PARTICIPATION MINIMUM PARTICIPATION THROUGH COMPANION LIFE S DEFINED CONTRIBUTION PLAN MAXIMUM AMOUNT AVAILABLE 10-24 10 NONE $5,000 25-99 10 NONE $10,000 100-199 10 NONE $15,000 200+ 10 NONE $20,000 PORTABILITY Employees who leave their current employer have the opportunity to continue their coverage for as long as the employer s group policy remains in force. ABOUT COMPANION LIFE Companion Life Insurance Company has specialized in group benefits for 45 years. We have earned an A.M. Best rating of A+ (Superior)*. We ve earned these high marks due to our fiscal strength, investment practices and sound management. Now, we want to earn your trust by giving you the highest level of service and responsiveness possible. Talk with your Companion Life agent today. See for yourself how Companion Life s Voluntary Critical Illness plan is a benefit that benefits you. FOR A PROPOSAL, CONTACT Group Marketing Companion Life Insurance Co. P.O. Box 100102 Columbia, SC 29202-3102 800-753-0404 phone 800-836-5433 fax C.life@companiongroup.com www.companionlife.com *Rating as of Dec. 21, 2016. For the latest rating, access ambest.com. Opinion from the leading provider of insurer ratings of a company s financial strength and ability to meet its obligations to policyholders.
LIMITATIONS AND EXCLUSIONS FOR VOLUNTARY CRITICAL ILLNESS COVERAGE LIMITATIONS Unless the Insured s covered condition first occurs or is diagnosed during the coverage period of the Policy, no will be payable. a) The payment of all benefits shall not exceed three times the initial stated in the Policy schedule. b) If more than one covered condition is diagnosed at the same time, the Benefit Payment shall be based on the larger of those diagnosed. If the s are the same, there shall be only one Benefit Payment per 180-day period. EXCLUSIONS 1. Intentionally causing self-inflicted injuries 2. Suicide or any attempt at suicide while sane or insane 3. Serving in the armed forces or any auxiliary unit of the armed forces 4. Participation in the commission or attempted commission of a felony 5. Participation in a riot or insurrection 6. Alcoholism or drug addiction 7. Being intoxicated or under the influence of alcohol, drugs or any narcotic unless administered on the advice of a physician and taken according to the physician s instructions 8. Conditions not covered under the Policy 9. Conditions first occurring while this Policy was not in force 10. Conditions diagnosed by a person who is not a Physician 11. A covered condition diagnosed outside the U.S., unless the diagnosis is confirmed in the U.S. 12. A diagnosis of a covered condition or surgical procedure performed outside the U.S. unless on a U.S. military base or facility 13. The insured s date of birth, age or sex was misstated on the application and, as a result, would not have become effective or would have been terminated This brochure contains only a brief description of the benefits. It is not the contract. Rates and provisions are subject to change. Actual coverage is subject to the terms and conditions of the contract when it becomes effective, and actual contract language will be reflected in each employee s Certificate of Coverage. P.O. Box 100102 n Columbia, SC 29202-3102 800-753-0404 phone n 800-836-5433 fax C.life@companiongroup.com n www.companionlife.com SOME PRODUCTS NOT AVAILABLE IN ALL STATES 95672 2/17
AMOUNTS AND MONTHLY PREMIUM WITH 5-YEAR AGE LOCK MONTHLY PREMIUMS EMPLOYEE ONLY $5,000 $10,000 $15,000 $20,000 18-24 0.90 1.80 2.70 3.60 25-29 1.10 2.20 3.30 4.40 30-34 1.65 3.30 4.95 6.60 35-39 2.75 5.50 8.25 11.00 40-44 4.40 8.80 13.20 17.60 45-49 6.60 13.20 19.80 26.40 50-54 9.90 19.80 29.70 39.60 55+ 13.20 26.40 39.60 52.80 CRITICAL ILLNESS Premiums are uni-sex and uni-tobacco. REGION 1 MONTHLY PREMIUMS EMPLOYEE AND DEPENDENTS $5,000 ($2,500 Dependents) $10,000 ($5,000 Dependents) $15,000 ($7,500 Dependents) $20,000 ($10,000 Dependents) 18-24 1.58 3.15 4.73 6.30 25-29 1.93 3.85 5.78 7.70 30-34 2.89 5.78 8.66 11.55 35-39 4.81 9.63 14.44 19.25 40-44 7.70 15.40 23.10 30.80 45-49 11.55 23.10 34.65 46.20 50-54 17.33 34.65 51.98 69.30 55+ 23.10 46.20 69.30 92.40 MONTHLY PREMIUMS EMPLOYEE ONLY $5,000 $10,000 $15,000 $20,000 18-24 0.82 1.64 2.45 3.27 25-29 1.00 2.00 3.00 4.00 30-34 1.50 3.00 4.50 6.00 35-39 2.50 5.00 7.50 10.00 40-44 4.00 8.00 12.00 16.00 45-49 6.00 12.00 18.00 24.00 50-54 9.00 18.00 27.00 36.00 55+ 12.00 24.00 36.00 48.00 REGION 2 MONTHLY PREMIUMS EMPLOYEE AND DEPENDENTS $5,000 ($2,500 Dependents) $10,000 ($5,000 Dependents) $15,000 ($7,500 Dependents) $20,000 ($10,000 Dependents) 18-24 1.44 2.86 4.30 5.73 25-29 1.75 3.50 5.25 7.00 30-34 2.63 5.25 7.87 10.50 35-39 4.37 8.75 13.13 17.50 40-44 7.00 14.00 21.00 28.00 45-49 10.50 21.00 31.50 42.00 50-54 15.75 31.50 47.25 63.00 55+ 21.00 42.00 63.00 84.00 Premiums based on attained age of employee. Benefits based on age of insured. Spouse and dependent children benefit is 50% of the employee s amount. P.O. Box 100102 Columbia, SC 29202-3102 Phone: 800-753-0404 Email: c.life@companiongroup.com CompanionLife.com 95673 (Rates effective January 2017) 4/17
AMOUNTS AND MONTHLY PREMIUM WITH 5-YEAR AGE LOCK MONTHLY PREMIUMS EMPLOYEE ONLY CRITICAL ILLNESS Premiums are uni-sex and uni-tobacco. REGION 3 MONTHLY PREMIUMS EMPLOYEE AND DEPENDENTS $5,000 $10,000 $15,000 $20,000 $5,000 ($2,500 Dependents) $10,000 ($5,000 Dependents) $15,000 ($7,500 Dependents) $20,000 ($10,000 Dependents) 18-24 0.75 1.50 2.25 3.00 25-29 0.92 1.83 2.75 3.67 30-34 1.38 2.75 4.13 5.50 35-39 2.29 4.58 6.88 9.17 40-44 3.67 7.33 11.00 14.67 45-49 5.50 11.00 16.50 22.00 50-54 8.25 16.50 24.75 33.00 55+ 11.00 22.00 33.00 44.00 18-24 1.32 2.63 3.94 5.25 25-29 1.61 3.21 4.82 6.42 30-34 2.41 4.82 7.22 9.63 35-39 4.01 8.03 12.03 16.04 40-44 6.42 12.83 19.25 25.67 45-49 9.63 19.25 28.88 38.50 50-54 14.44 28.88 43.32 57.75 55+ 19.25 38.50 57.75 77.00 Introducing 5-Year Lock for Voluntary Critical Illness With this unique approach from Companion Life, each group participant has his or her age frozen for five years from the group s initial effective date. All future age bracket increases occur at five-year intervals on the group s 10th year renewal, 15th year renewal, 20th year renewal, etc. Employees who join the plan after the group s initial enrollment will lock in with the group s adjustment dates the 5th renewal year, the 10th renewal year, etc. All their age bracket increases will occur on the same date as the group s. EMPLOYEE ADVANTAGE Employees enjoy knowing their premium age bracket is locked in for five years. This lets them easily budget their insurance payroll deduction. EMPLOYER ADVANTAGE Group administrators enjoy simplicity and ease of administration. Instead of adjusting payroll deductions every year as employees age into the next premium age bracket, changes are made only once every five years. REGION TABLE Region 1 Region 2 Region 3 Alabama Arizona Arkansas Georgia Illinois Iowa Kansas Louisiana Maine Michigan Mississippi Missouri North Dakota Oregon Rhode Island South Carolina Texas Utah Virginia West Virginia Wyoming Delaware Ohio Tennessee Companion Life s Voluntary Critical Illness is approved in the above states. P.O. Box 100102 Columbia, SC 29202-3102 Phone: 800-753-0404 Email: c.life@companiongroup.com CompanionLife.com 95673 (Rates effective January 2017) 4/17