Critical Illness Insurance | Lincoln Financial Group

Critical Illness Insurance | Lincoln Financial Group
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Critical Illness Insurance

Helps you alleviate the expenses that come with a covered critical illness.
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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.1 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.

 

Critical Illness Summary with Monthly Premiums

 

Critical Illness Health Assessment Benefit Flyer

 

Critical Illness Health Advocate

 

How To File a Claim

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.

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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?

    Lincoln Financial Group

     

    For over 115 years, Lincoln Financial has been in the business of helping employees protect what matters most to them. Supplemental health insurance can provide security for you and your family while protecting your financial future. As an industry leader, Lincoln has the support and expertise to help you navigate life's important moments.

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  • When is a benefit paid under the policy?
    Once your insurance is effective, you’ll receive benefits for a covered critical illness. These benefits vary by state and may have other limitations and exclusions that may affect what’s payable. This plan provides protection for covered events experienced while off the job only. See your disclosure statement or outline of coverage/disclosure document for full details on your coverage.
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  • Who in my family is eligible for this insurance?

    Members of your family who are considered eligible to enroll for insurance include:

    • You – if you are an active employee working 16+ hours per week
    • Your spouse – age 18 and older
    • Your child(ren) – under age 26

     

    You must be enrolled in Critical Illness Insurance for members of your family to also enroll. 

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  • How much does this insurance cost?

    This is group insurance offered at group rates. Refer to the plan documents for complete details.
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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?
    For annual enrollment, coverage is effective on the date shown on the Certificate after the application is received and approved. You must be actively at work on the coverage effective date. For new hires and qualifying life events, coverage is effective the first of the month following the enrollment form approval date, provided the eligibility requirements are met.
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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.

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.
Enroll

Do You Need Help?

Our team is ready

M-F 8a-5p CT

Phone Number: 1-866-795-9362

  • Disclaimers

    Fraud Warning/State Disclosure(s)  

     

    ANY PERSON WHO KNOWINGLY OR WILLFULLY PRESENTS A FALSE OR FRAUDULENT CLAIM FOR PAYMENT OF A LOSS OR BENEFIT OR WHO KNOWINGLY OR WILLFULLY PRESENTS FALSE INFORMATION IN AN APPLICATION FOR INSURANCE IS GUILTY OF A CRIME AND MAY BE SUBJECT TO FINES AND CONFINEMENT IN PRISON. 

     

    INSURANCE FOR SHORT TERM DISABILITY, LONG TERM DISABILITY, AND/OR CRITICAL ILLNESS MAY CONTAIN A PRE-EXISTING CONDITION EXCLUSION.  PLEASE SEE YOUR CERTIFICATE FOR MORE INFORMATION. 

     

    I understand the group insurance requested will not be effective until approved by the Group Insurance Service Office of The Lincoln National Life Insurance Company, or its insurance partners.  A delayed effective date will apply if you are not Actively at Work/an Active Member.   

     

    I understand the information provided is for enrollment in group insurance as offered by my Employer and will not be used for underwriting purposes. 

  • Mercer's Role & Compensation
    View details of Mercer's disclosure of compensation