Principal Financial Group Inc.,
which exited the health insurance business two years ago, has introduced a
critical illness insurance product designed to cover expenses not covered by
health insurance. The insurance will be marketed to businesses to offer to
employees as a supplement to a core employee benefit package. "Our
goal is to create a simple, straightforward benefit employers can offer to
their employees," said Amy Friedrich, vice president of Principal's
Specialty Benefits Division. Voluntary critical illness insurance provides a
cash benefit to pay for additional expenses such as health insurance
deductibles and co-payments, travel costs, childcare and home health-care
needs. The insurance benefit covers the five most common critical illnesses: cancer,
coronary artery bypass graft, heart attack, major organ failure and stroke.