Voya Financial has rolled out the next generation of its critical illness insurance, Compass Critical Illness Insurance.
The Compass Critical Illness Insurance is part of Voya Employee Benefits’ Compass product suite of group voluntary benefits. This product suite provides voluntary or employee-selected coverage that is processed and administered similarly to traditional group insurance.
The new version of the product features reconfigured modules, additional coverage conditions and new benefits in addition to a lump-sum check.
The other additions to the product include a Perpetual Guaranteed Issue, which customers can obtain without answering any health questions. It also now gives insured option to continue their coverage even if they lose their job.
Voya Employee Benefits president Rob Grubka said: “We’ve learned a lot from both our employer and employee customers over the years and based on their feedback, we revamped this product to make it easier for our end consumer, the employee, to understand and included the features they value most.
“Our new Compass Critical Illness Insurance goes beyond just a payout and includes options to help insureds get through some of the complexities that come along with a critical illness diagnosis.”
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Voya Financial said that the redesigned offering gives employers option to select the new Health Reward Increase Benefit option, which will give employees participating in their company-sponsored wellness programme an opportunity to earn an annual increase to their benefit amount.
Employers can now also select the Compass Care Package as an option with Compass Critical Illness Insurance. This option will offer counselling and support to help insured easily understand the benefits, billing and other resources related to the diagnoses and treatment of the critical illness.
Grubka said: “We all know someone who has dealt with a critical illness. Sometimes the complexity of diagnoses, billing and other paperwork can take a toll on the insured and their loved ones, when they should be focusing on their wellness. The Compass Care Package helps round out our insurance product by guiding people, as well as helping them find emotional and educational support.”