Critical Illness Insurance | Voya

Critical Illness Insurance | Voya
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Critical Illness Insurance

Helps you alleviate the expenses that come with a covered critical illness.
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Here's what you need to know

Critical Illness Insurance helps provide financial support if diagnosed with a covered critical illness.

 

If you’re diagnosed with a covered critical illness like a heart attack or stroke, your life can change quickly. In addition to the emotional and physical toll, there may be strain on your personal finances. That’s because while a major medical plan may pay for some of the costs associated with treatment, out-of-pocket expenses like co-pays and deductibles can still have an impact to your finances. 

 

However, once you’re enrolled in Critical Illness Insurance, you’ll have financial protection if you have a covered critical illness. With this policy, you receive cash benefits paid directly to you to use however you choose. 

 

  • Provides a payment directly to you to use however you see fit
  • It can help pay out-of-pocket expenses related to medical care associated with covered illnesses
  • In addition to medical care, you may use it to pay for things like childcare, lodging, or over-the-counter medication

 

You can collect this benefit in regardless of other coverage you have, including your employer’s major medical plan, any other type of medical coverage, disability insurance, or other benefits you may be eligible to collect. Critical Illness Insurance is a limited benefit.  It is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act.

Dealing with a critical illness can be costly to you in 2 ways:

 

  • Medical bills. It’s not unusual for a critical illness to result in out-of-pocket expenses. It starts with the usual, deductibles and copays, but it doesn’t end there. You might decide to go to a doctor or facility that’s “out of network.” You might decide to get a second opinion or type of treatment that isn’t covered at all. When your health is at stake, it's important to feel like you have control and choices.  
  • Lost income. Treatment and focus on recovery may require extra time away from work. That can impact the paycheck your family may rely on to keep everything on track. Or you might discover you have added expenses because you need more help around the house, extra childcare, or additional lodging near treatment. These costs can subtract from your wages or savings. 

 

The advantage of this insurance is simple: you can use your critical illness benefit any way you choose. You can use it to help pay for medical expenses like deductibles and copays, as well as any non-medical expenses. You can also use this money to help pay daily living expenses such as grocery bills, mortgage payments, childcare, and transportation – all of which can be an added worry if you lose income while you’re out of work.

 

Access to this benefit helps you have more control over your finances and ultimately your health care options, too. Less stress about money and added peace of mind are both great ways to support your recovery.

These are the periods when you are eligible to enroll for Critical Illness Insurance:

 

  • Within your 31-day new hire enrollment period
  • Within 31 days of a qualifying life event (you get married, have a baby, etc.)
  • During your employer’s annual enrollment

 

Keep in mind: If you enroll during these timeframes, you have what is called "guaranteed issue," which means no medical questions or tests are required to enroll. Pre-existing condition limitations may apply.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Critical Illness Insurance Brochure


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Rate Chart

 

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Voya Wellness Benefit Flyer

How It Works

Number one Enroll now icon

You enroll in Critical Illness Insurance

Number two Doctor checkup icon

After your coverage effective date, you receive a diagnosis of a covered critical illness

Number three Giving money icon

Receive a payment

Number four shopping-cart icon

Use your money however you want

Doctor's test results indicate a heart attack diagnosis.

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That’s when Critical Illness Insurance comes in.

Because you have Critical Illness Insurance, your diagnosis means you’re eligible to receive a payment you can use any way you choose.

Frequently Asked Questions

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  • Who offers this coverage?

    Voya

     

    Voya Financial, Inc. is a leading health, wealth and investment company that helps individuals be well planned, well invested and well protected. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index.

     

    Critical Illness Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Voya Employee Benefits is a division of ReliaStar Life Insurance Company.

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  • When is a benefit paid under the plan?
    Benefits are payable at 100% of the Critical Illness benefit amount unless otherwise stated. A pre-existing condition limitation may apply. For a list of standard exclusions and limitations, please refer to the limitations and exclusions section later on this page. For a complete description of your benefits, along with applicable provisions, conditions on benefit determination, exclusions and limitations, see your certificate of insurance and any riders.
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  • Who in my family is eligible for this program?

    Members of your family who are considered eligible to enroll for this insurance include:

    • You – if you are an active employee
    • Your legal spouse
    • Your eligible dependent children

     

    You must be enrolled in coverage for members of your family to also enroll. 

  • How much does coverage cost?

    This is group insurance offered at group rates. Refer to the Rate Chart in the Forms & resources tab. 
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  • Are there any exclusions or limitations?

    There are no exclusions and limitations.
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  • Do I have to answer health questions or take a medical exam?

    No, you don’t. Your Critical Illness Insurance is guaranteed issue, which means no medical questions or tests are required to enroll in this coverage. Pre-existing condition limitations may apply.
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  • What if my employment status changes?

    Good news! If you leave or retire from your current employer, you can continue your Critical Illness Insurance without interruption (subject to applicable law and the policy’s terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. 
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  • When would my coverage start?

    Coverage is effective on the 1st of the month after coverage is issued by the insurance company.
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  • Am I really free to use the payment any way I choose?

    Yes, you are! There are no restrictions or requirements about how you can use your critical illness cash benefit. When you’re facing a critical illness, you want to be able to focus your time and energy on treatment and recovery. This policy can help you do just that. You’re free to use your benefit on medical expenses and/or non-medical expenses. Having that kind of flexibility can help you feel more in control over your care and your finances at a very stressful time.

Are you ready To Enroll?

You are eligible to enroll during any qualifying event (new hires, life events) or during the open enrollment period.
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Do You Need Help?

Our team is ready

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Phone Number: 1-800-698-2849

  • Legal Disclaimers

    *The use of “spouse” means a person insured as a spouse as described in the certificate of insurance or rider. This may include domestic partners or civil union partners as defined by the group policy. Please contact your employer for more information.

     

    World’s Most Ethical Companies: In March 2024, Voya Financial was one of 136 companies recognized by Ethisphere® as one of the 2024 World’s Most Ethical Companies® based on performance in 2023. The World’s Most Ethical Companies assessment is based upon Ethisphere’s Ethics Quotient® framework, which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics. Scores are generated in five key categories and provided to all companies that participate in the process: ethics and compliance program (35%), culture of ethics (20%), environmental and societal impact (20%), governance (20%), and third-party management (5%). While Voya’s Senior Vice President of Corporate and Organizational Development sits on Ethisphere’s Equity and Social Justice Initiative Advisory Council, he plays no role in the selection process for the World’s Most Ethical Companies award, but this fact has been disclosed to the extent it may be perceived as a possible conflict of interest. There is a processing fee of $3,500 USD to participate. Voya also pays $19,500 USD a year to participate in Ethisphere’s Business Ethics Leadership Alliance (“BELA”), which provides additional resources and services to members, including benchmarking data and related Ethisphere insights and guidance. There is also a $35,000 USD licensing fee for use of the logo. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

     

    Bloomberg Gender-Equality Index: In 2023, Voya was accepted into the 2023 Bloomberg Gender-Equality Index for the 8th consecutive year. Voya is one of 484 companies accepted to the 2023 Bloomberg Gender-Equality Index, which represents organizations from 54 industries with headquarters in 45 countries and regions. To qualify for the index, Voya disclosed details of its policies and practices with respect to how the company promotes gender equality across four separate areas — company statistics, policies, community engagement and products and services. Voya and other companies included in the 2023 Gender-Equality Index scored above a globally-established threshold, based on the extent of disclosures and the achievement of best-in-class statistics and policies.

     

    Disability Equality Index: In 2023, Voya Financial was recognized by Disability:IN and the American Association of People with Disabilities as a 2023 Best Place to Work for Disability Inclusion, earning a spot on the Disability Equality Index® (DEI). The recognition is based on 2022 information and a $600 administrative fee was paid for consideration. The 2023 DEI measured culture and leadership; enterprise-wide accessibility; employment practices (benefits, recruitment, employment, education, retention and advancement, and accommodations); community engagement; and supplier diversity. Voya Financial was one of 405 participating companies scoring 80% or higher. 

     

    This is a summary of benefits only. Please review your enrollment materials and any applicable brochures prior to enrolling in coverage. A complete description of benefits, limitations, exclusions and terminations of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this website and the group policy documents, the policy documents will govern. To keep coverage inforce, premiums are payable up to the date of coverage termination. Critical Illness Insurance is underwritten by ReliaStar Life Insurance Company, Minneapolis, MN, a member of the Voya® family of companies. Compass Critical Illness Policy Form #: RL-CI3-POL-12. Form numbers, provisions and availability may vary by state.

     

    If this is for CI2 - the disclosure / forms are as follows:

     

    This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Critical Illness Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Policy form #RL-CI4-POL-16; Certificate form #RL-CI4-CERT-16; Spouse Critical Illness Rider form #RL-CI4-SPR-16; Children's Critical Illness Rider form #RL-CI4-CHR-16; Wellness Benefit Rider form #RL-CI4-WELL-16; Waiver of Premium Rider form #RL-C14-WOP-16. Form numbers, provisions and availability may vary by state and employers plan.

     

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