Allstate Adds Critical Illness Policies

By Staff Writer

August 28, 2006 at 01:16 PM

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A giant insurer says it will be giving voluntary benefits brokers more ways to help employers protect workers against life-threatening illnesses.

Allstate Workplace Division, Jacksonville, Fla., a unit of Allstate Corp., Northbrook, Ill., is introducing the New Generation and My Lifeline voluntary group critical illness policies Sept. 5.

The New Generation policy is a composite-rated critical illness product for employee groups of 200 or more, and the My Lifeline policy is an "age-at-issue" banded critical illness product for employee groups with 5 or more plan participants.

Both policies pay lump-sum benefits to insureds who suffer from conditions such as strokes, heart attacks or cancer, Allstate says.

Allstate will be offering guaranteed issue underwriting to some groups. Groups also can choose modified guaranteed issue, simplified issue and standard approaches to underwriting.

Both the My Lifeline and New Generation policies are portable, regardless of whether the insured remains with the employer or the group remains intact as an entity, Allstate says.

Employers can choose an employee benefit amount ranging from $5,000 to $100,000. The coverage amount for dependents is 50% of the primary insured's benefit amount, Allstate says.

Employers can buy a wellness option that will provide cancer and heart disease screening benefits for critical illness policy purchasers.

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