27 Jan 2017

Pan-American Life Insurance Group Unveils its New Group Product

Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, unveiled its new group critical illness and cancer insurance plans at a meeting of the Dallas Association of Health Underwriters. The plans provide employees of companies in the U.S. and their dependents a lump sum cash benefit upon first diagnosis of cancer or any of the ten covered critical illnesses.

“When faced with life changing illnesses, patients suffer physical, emotional and financial stress,” said John Foley, President of U.S. Group Business. “With the new critical illness and cancer plans, we hope to provide a helpful balance of protection and support for employees and their families.”

The lump sum cash benefit of both the critical illness and cancer plans can be used for expenses that are not typically covered by other health insurance plans, such as lost income while the employee is unable to work, household expenses, medical bills, alternative treatments and drugs, home health care, child care services and travel related to treatments.

Employees will receive 100 percent of the face amount for the following covered critical illnesses and 25 percent for partial cancer and Coronary Artery Bypass Grafting (CABG):

• Benign brain tumor
• Blindness
• Full cancer
• Heart attack
• Kidney failure
• Major organ failure
• Permanent paralysis
• Stroke

In addition to the full cancer benefit included in both policies, Pan-American Life also pays an additional benefit amount when a covered person is diagnosed with breast cancer.

“As out-of-pocket health costs continue to rise, we know how much of an impact illnesses can have on personal finances,” added Carlo Mulvenna, Vice-President, U.S. Group Business. “Both of these lump sum plans help employees complement their company’s medical insurance, thus enhancing their entire benefits package.”

To learn more about Pan-American Life Insurance Group’s health insurance plans call 1 800-694-9888. You can also visit www.palig.com or send an email to sales@palig.com.