2024 BENEFITS GUIDE
Critical Illness Insurance
Principal's Critical Illness Insurance can supplement existing medical coverage and help provide financial support to payfor out -of-pocket expenses such as mortgage payments, college tuition, hiring household help, or treatment not covered by your medical plan. Benefits are paid regardless of what is covered by medical insurance. Payments are made directly to covered employees to spend as they choose.
Scheduled benefit Benefit Amounts
Employee
Spouse
Increments
Benefits available in $5,000 increments Benefits available in $2,500 increments
$2,500
Minimum amount
$5,000
$20,000 $50,000
$10,000
Guarantee issue amount 1
Cannot exceed 50% of employee's scheduled benefit amount, up to $25,000
Maximum amount
Children are automatically covered for 25% of an employee's benefit
Guarantee issue is the maximum scheduled benefit amount available during the initial enrollment period with no proo f of good health required
What does critical illness insurance cover? Critical illness includes Stroke, Heart Attack, H eart Failure, Cancer, and more. This policy covers over 30 major illnesses. If you happen to get diagnosed with one of these illnesses (first and second diagnosis), your plan can pay up to $100,000, depending on what benefit amount you select.
Why should I consider critical illness insurance? It’s an affordable way to supplement and pay for the additional expenses your health insurance doesn’t cover.
Premiums are below: Full benefit amounts and rates, you can find on your online enrollment platform. Children are automatically covered for no additional cost.
Monthly Premium Rates Premiums per $1,000 of Coverage
Age 24&under
Employee
Spouse
$.331
$.331
$.397
$.397
25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 - 59 60 - 64 65 - 69
$.498
$.498
$.665
$.665
$.957
$.957
$1.678
$1.678
$2.708
$2.708
$4.142
$4.142
$6.693
$6.693
$8.818
$8.818
$12.053
$12.053
70&over
Note: This is a brief summary – please refer to your Principal certificate for details. Please contact Principal's Customer Service at 1-800-245-1522 with questions regarding benefits and claims. 2 4 23
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