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Ancillary benefits like Dental and Vision are common parts of an employee’s benefits package. They offer low premiums which make them attractive to employers, but they do much less to protect an employee from financial ruin. The maximum single event benefit for a root canal, for example is $1,500 under most dental plans, while vision plans offer $1,000 for surgery. Compare that to a $50,000 maximum benefit under most critical illness plans.
When the #OpenEnrollment season starts questions like - Did we move to an HSA or higher deductible? Do we know where the employees are most at risk?
Lets consider this choice for a moment
A pair of glasses or a root canal versus a heart attack, which has the greater financial consequence? Seems like a no brainer, right?
Yet, only 30% of companies offer Critical Illness plans to their employees. However, 95% offer Dental and 83% Vision. Let me help you arm your clients with the best information and the best benefit offerings so that when it comes time to design a benefits package at the #open_enrollment, your clients can build a plan that truly helps their employees plan for and survive the financial devastation that the diagnosis of a major illness like a heart attack could bring. While Dental and Vision insurance won’t help protect you from financial ruin, a Critical Illness plan could offer employee face amounts ranging from $5,000 to $50,000.
The Reality of the Risk
The reality of the financial risk serious illnesses pose is greater than most people might realize. Consider the real cost of a heart attack for a 45-year-old male. Real Cost: $34,793
If every 25 seconds, an American has a heart attack, and 51% of Americans say they have less than $1,000 in savings, your clients’ employees are in real need of a solution to help when their expenses outstrip their savings. And that’s just the probability of the event. Now consider the impact that has on working hours. 46% of workers spend 2-3 hours per week at work handling their personal finances, with nearly one in four (24%) reporting that personal finances have been a distraction at work. Bottom line, your employees are affected by the reality of the risk whether they have a heart attack or not.
Here is a Simple Solution!
A voluntary Critical Illness plan can go a long way to providing financial protection when a diagnosis occurs. With benefits ranging from $5,000 to $50,000 paid directly to the employee, this voluntary coverage could substantially temper the total cost of the illness.
Total Cost of a Heart Attack $34,793
Critical Illness Benefit up to $50,000
Total Out of Pocket: Their choice
The chance of being diagnosed with a critical illness is very real, just as real is the chance that your client’s employees won’t be able to survive financially without additional support in their benefits package. Adding group critical illness insurance to your clients’ benefits package offers their employees additional protection to help make sure when they’re diagnosed with a critical illness that their finances pull through, too.
For almost 60 years, Aflac has been dedicated to helping provide individuals and families peace of mind and additional financial protection when they’ve needed it most. Group Critical Illness insurance is just another innovative way to help make sure your clients are well protected under our wing.
This article is for informational purposes only and is not intended to be a solicitation!
To learn more about voluntary insurance, please reach out to one of our experts benefits professional www.whitewinginsurance.com .
White Wing is the premier digital online network for insurance brokers and agents looking to expand their business, market-base and knowledge. In a professional environment, WWIS gives agents the tools, product know-how, and access to a range of carriers and vendors to boost their health insurance book of business. Its collaborative team is recognized in the insurance industry and staffed with trained members of high integrity.