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Oregon Carrier Adds Critical Illness Policy

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Regence Life and Health Insurance Company has started selling a product that can help protect workers against the cost of several major illnesses.

Regence Life, a unit of the Regence Group, Portland, Ore., says its new Critical Illness Protection policy will pay cash if insureds suffer from cancer, a heart attack, a stroke, end-stage kidney disease or quadriplegia, or if they need a major organ transplant.

Workers can buy the product at the worksite.

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Premiums are based on age and tobacco usage, and workers can buy $5,000 to $100,000 in coverage with $5,000 coverage increments.

For a 38-year-old non-smoker, $25,000 in coverage would cost $15 per month, Regence Life says.