Bankers Life Launches New Critical Illness Insurance Product, Critical Benefit PLUS(SM)

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May 23, 2016, 07:20 ET

CHICAGO, May 23, 2016 /PRNewswire/ -- Bankers Life and Casualty Company, a national life and health insurer, today announced a new addition to its critical illness insurance products, Critical Benefit PLUS^SM.

The current plan, Critical Benefit®, covers cancer, heart attack, stroke, end-stage renal failure, coronary artery bypass graft and angioplasty. Critical Benefit PLUS covers eight additional critical conditions, including:

Alzheimer's
Permanent blindness
Permanent paralysis
Permanent deafness
Coma
Major organ transplant—surgery
Major organ transplant—active waiting list
Diabetic amputation

Both products are designed to provide additional financial protection for costs associated with treatment and recovery, as well as non-medical expenses, such as deductibles, copayments and out-of-network expenses; at home recovery and treatment; loss of income; home payments, utilities and groceries; and child care and transportation costs.

According to the Alzheimer's Association in 2015, 1 in 9 Americans age 65 and older has Alzheimer's disease, and a 2015 report from the American Cancer Society indicates that nearly 1 in 2 men and 1 in 3 women will develop cancer at some point in their lifetime.

"With advancements in medical treatment, those who are diagnosed with a critical condition are surviving longer than ever, but the costs of treatment are mounting," said Scott Goldberg, president of Bankers Life. "Most medical insurance or Medicare alone may not protect against these unexpected costs. More and more, these financial risks are being transferred to individuals, leaving them exposed. Our critical illness insurance products provide protection from these potential risks so that the insured can focus on their recovery, not their finances."

Critical Benefits PLUS is available for people age 18 to 85 with lump-sum cash benefit options up to $70,000.

The product also provides several unique policy features including:

Benefit amount paid directly to the insured, not a hospital or doctor
Ability to choose how you use your cash benefit
Benefit paid regardless of any other type of private medical insurance or Medicare coverage

Critical Benefit PLUS is currently available through Bankers Life insurance agents in 15 states: Arkansas, Florida, Iowa, Illinois, Kansas, Kentucky, Maryland, Michigan, Missouri, North Carolina, South Dakota, Tennessee, Texas, Wisconsin, and West Virginia, with availability in other states pending. Policy benefits may vary by state.

About Bankers Life
Bankers Life focuses on the insurance needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance solutions that help protect the health and retirement needs of working Americans and retirees. There are more than 5,000 Bankers Life insurance agents at over 300 offices across the country. To learn more, visit BankersLife.com.

SOURCE Bankers Life