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LifeSecure Rolls Out Critical Illness Policy

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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.

(Related: Stutler to Lead Michigan Long-Term Care Insurer)

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.

If, for example, the same policyholder had a stroke and later had stomach cancer, the policyholder could collect benefits for the stroke, and then again for the cancer.

LifeSecure has built a health screening benefit into the individual coverage.

The screening benefit is an optional feature for the worksite version of the product.

LifeSecure is an affiliate of Blue Cross Blue Shield of Michigan. 

The company pulled out of the individual LTCI market about a year ago but still sells LTCI at the worksite. 

The company also sells accident insurance and hospital recovery insurance in the individual market, and accident insurance and hospital recovery insurance in the worksite market.

Last fall, BCS, an arm of the Blue Cross and Blue Shield carriers, agreed to offer LifeSecure worksite products to all of the Blues.

— Read LifeSecure Distribution Deal Includes Worksite LTCI on ThinkAdvisor.

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