US-based Citizens National Life Insurance Company (Citizen National) has announced the launch of the new Critical Illness Coverage.
The new offering pays benefits directly to the policyholder with a qualifying illness to cover added expenses.
The product allows the eligible to spend the money for a variety of expenses ranging from medical deductibles to everyday expenses, including childcare.
Citizens National president and chief marketing officer Bob Mauldin said: “We are excited to be launching our third product just months after our Whole Life product Longevity Max.
“Critical Illness is an exceptional product designed to give policyholders coverage where they need it and help supplement their Health insurance to give them protection if they were to have a critical illness.
“One of the best features is it gives the policyholder the power to decide where to spend it. We are proud to continue to develop products that can help our policyholders.”
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Citizens National, a subsidiary of insurance holding company Citizens, was incorporated in 1965 and is licensed to operate nine states of the US.
Citizens National leverages its understanding of the Spanish and Portuguese languages and the Hispanic culture to offer customised services.
In March 2021, Citizens National entered the Florida market by launching a whole life insurance product, called Longevity Max.
The Longevity Max is a combination of life insurance coverage, lifetime income and savings protection, that offers conservative and guaranteed returns in low-risk investments.