Provides Financial Protection to Those Faced
With an Unexpected Critical Illness Such as Cancer, Heart
Attack or Stroke
CARMEL, Ind.,
Oct. 23,
2023 /PRNewswire/ -- Washington National
Insurance Company, a national provider of supplemental health and
life insurance products for middle-income Americans, today
announced the introduction of its new Critical Illness Insurance
product. Available for individual and worksite sales, Critical
Illness Insurance offers financial protection in the form of
lump-sum cash benefits and helps ensure financial security for
policyholders and their families when they are faced with an
unexpected critical illness such as cancer, heart attack and/or
stroke.
Washington National's Critical Illness Insurance also offers
policyholders the flexibility to use their cash benefits without
restrictions, including out-of-pocket expenses, deductibles,
coinsurance, living expenses, and everyday bills. The offering
comes at a time when addressing critical illness is increasingly
important. Among the statistics from two leading health
organizations:
- The American Cancer Society (ACS) reports that one in two
American males and one in three American females develop cancer in
their lifetime.1
- The Centers for Disease Control and Prevention (CDC) cites that
heart attacks and strokes are even more common, both occurring
every 40 seconds in the U.S.2,3
Beyond the physical and emotional toll it brings, critical
illness also carries significant financial burdens for impacted
patients. According to the ACS Cancer Action Network, 51% of cancer
patients and survivors carry medical debt from their cancer-related
treatment.4
"Many middle-income Americans are continually being challenged
by increasing cost-of-living expenses, and when they are faced with
an acute health situation, the last thing they should be concerned
about is finances," said Kari Desai,
vice president, product development, CNO Financial Group.
"Policyholders and their families need supplemental health
benefits, like Critical Illness Insurance, to give their family
extra financial protection. We are passionate about creating
solutions around critical illness and providing peace of mind to
patients and their families so they can focus on a positive road to
recovery."
The new solution covers major illnesses and complements existing
Washington National supplemental health insurance plans. It also
offers customized pricing by providing three base level choices
with enhanced optional riders, among them:
- An optional Return of Premium/Cash Value Benefit rider, which
enables customers to get 100% of their premiums paid, minus any
claims incurred, at the end of the rider period
- Critical Conditions Benefit rider
- Cancer Benefit rider
- Heart and Stroke Benefit rider
- Hospital Intensive Care Unit (ICU) Benefit rider
- Wellness Screening rider
Washington National's Critical Illness Insurance is available in
25 states: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Iowa, Kentucky, Michigan, Missouri, Mississippi, Montana, North
Carolina, North Dakota,
Nebraska, New Hampshire, Nevada, Oklahoma, South
Carolina, South Dakota,
Texas, Wisconsin, West
Virginia, and Wyoming. This product will be available
in additional states in the future.
To learn more about Washington National Critical Illness
Insurance and company's full suite of voluntary benefits, which
include insurance products covering accident, cancer, heart and
stroke, life and hospital, please visit WashingtonNational.com.
About Washington National Insurance Company
Washington
National Insurance Company, a subsidiary of CNO Financial Group,
Inc., has helped Americans since 1911 to protect themselves and
their families from the financial hardship that often comes with
critical illness, accidents or loss of life. The company's
supplemental health and life insurance products are designed to
help give policyholders and their loved ones' peace of mind.
Policyholders can depend on Washington National to be a strong,
caring partner in helping to provide financial security for them
and their families. To learn more,
visit WashingtonNational.com.
About CNO Financial Group
CNO Financial Group,
Inc. (NYSE: CNO) secures the future of middle-income America. CNO
provides life and health insurance, annuities, financial services,
and workforce benefits solutions through our family of brands,
including Bankers Life, Colonial Penn, Optavise and Washington
National. Our customers work hard to save for the future, and we
help protect their health, income and retirement needs with 3.2
million policies and $34 billion in total assets. Our
3,400 associates, 4,600 exclusive agents and 4,000 independent
partner agents guide individuals, families and businesses through a
lifetime of financial decisions. For more information,
visit CNOinc.com.
1American Cancer Society, Lifetime Risk of
Developing or Dying from Cancer,
https://www.cancer.org/cancer/risk-prevention/understanding-cancer-risk/lifetime-probability-of-developing-or-dying-from-cancer.html,
January 2023
2Centers for Disease Control and Prevention, Heart
Disease Facts, https://www.cdc.gov/heartdisease/facts.htm,
May 2023
3Centers for Disease Control and Prevention, Stroke
Facts, https://www.cdc.gov/stroke/facts.htm, May 2023
4American Cancer Society Cancer Action Network,
Survivor Views: Cancer & Medical Debt,
https://www.fightcancer.org/policy-resources/survivor-views-cancer-medical-debt,
March 2022.
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SOURCE Washington National Insurance Company