A Midwestern insurer best known for its long-term care insurance (LTCI) products is entering the critical illness insurance market.
The company, LifeSecure Insurance Company of Brighton, Michigan, says its new critical illness insurance policy will protect insureds against nine different types of health problems, including skin cancer.
LifeSecure will be offering one version of the product in the individual market, and another version in the worksite market, in 16 states.
The policy provides lump-sum benefits payments. Policyholders who qualify to collect benefits can use the benefits for any purpose.
For individual policies, benefits level options range from $5,000 to $50,000.
In the worksite market, purchasers can choose a $10,000, $15,000 or $20,000 benefits level.
The policyholders can pay to have their policies cover spouses, partners and dependent children as well as themselves.
The policies have no lifetime benefit maximum. If policyholders who collect benefits keep their coverage in place, they can use the coverage to cover the re-ocurrence of the same the health problem that led to the first benefits payment. They can also use the same policy to collect benefits triggered by the diagnosis of a different covered condition.