Voluntary Critical Illness
Voluntary Critical Illness through Principal Financial helps safeguard your financial security by paying you a tax-free, lump-sum benefit if you are diagnosed with a covered condition, regardless of any other coverage you may already have or your actual expenses. Covered conditions include: Cancer, Heart Attack, Stroke, and Major Organ Failure. A pre-existing condition clause of 6 month prior/12 months insured applies.
A summary of the benefits offered is listed below. Refer to the plan certificate for detailed Voluntary Critical Illness coverage information or visit www.principal.com.
MINIMUM BENEFIT
GUARANTEED ISSUE
MAXIMUM BENEFIT
For You
$5,000
$15,000
$100,000
For Your Spouse
$2,500
$7,500
$50,000*
For Your Children
$2,500
$2,500
$2,500
*Spouse benefit cannot exceed 50% of employee’s benefit up to $50,000
Monthly Step Rates per $1,000 of Benefit (spouse rate is based upon his/her individual age)
Age
Employee
Spouse
<24
$0.30
$0.30
25-29
$0.44
$0.44
30-34
$0.61
$0.61
35-39
$0.68
$0.68
40-44
$0.90
$0.90
45-49
$1.24
$1.24
50-54
$1.70
$1.70
55-59
$2.26
$2.26
60-64
$3.12
$3.12
65-69
$4.31
$4.31
70 & Over
$6.31
$6.31
Child(ren) monthly rate
No charge for $2,500 of coverage/family but must enroll as dependent(s)
To calculate your monthly cost to the right, please use the following formula: Benefit Amount x ___ Rate = Cost
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