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Voluntary Critical Illness

Those who suffer a serious illness often incur added expenses not covered by medical insurance, which can leave them vulnerable to financial risk. In fact, 50% of Americans don't have enough emergency savings to cover three months’ worth of expenses1.

Critical illness insurance provides employees with an additional layer of financial protection beyond medical and disability insurance, helping provide them peace of mind so they can focus their energy on a full recovery.

Not available in Connecticut or New York.

Voluntary Critical Illness from Principal Life

  • Our simplified product design covers the five most common critical illnesses, making the purchase process easy and straightforward.
  • Employees choose the level of protection best for them, and pay for it at affordable group rates through convenient payroll deduction.
  • Adding this coverage to the employer's benefits mix is easy - with one employer application, one bill, one contact and one employee enrollment form for all group products they have with Principal Life.

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Target Markets

  • Available with 5 enrolled employees or 10% participation, whichever is greater
  • Employers already offering their employees disability insurance, either as employer-paid or voluntary
  • Employers with Health Reimbursement Accounts (HRAs) or Health Savings Accounts (HSAs)
  • Employers with medical plans with higher deductibles

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Key Features

  • Covers cancer, coronary artery bypass graft, heart attack, major organ failure and stroke
  • Pays a tax-free2, lump-sum cash benefit to an insured employee or family member diagnosed with a covered illness
  • Benefit is paid regardless of any other insurance coverage or actual expenses incurred
  • Coverage available without proof of good health during the initial enrollment
  • Multiple payouts for the same or different illnesses
  • Wellness benefit to encourage preventive care
  • Option for employees to purchase coverage for their spouse and children
  • Portable coverage that employees can take with them if they leave their employer (not available in all states)

See additional information on product features (GP 60842) (PDF: KB)

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Discounts and Services

  • Weight Loss - Discounts to Weight Watchers Online.
  • Laser Vision Correction - Savings on the surgery through the National Lasik Network, administered by LCA-Vision, Inc.
  • Hearing Aid Program - Through American Hearing Benefits, Inc. (AHB) and Ear Professionals International Corporation (EPIC), employees and their families are eligible for up to 60% off hearing aids.
  • Magazine Program - Discount to Diabetic Living®

These discounts are not insurance.

See additional information on discounts and services

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Marketing Materials


  • Voluntary Critical Illness Marketing Guide (GP 60817)
    Provides information on marketing critical illness, including marketing tips, compensation, product features and underwriting guidelines. (Login required.)
    View (PDF: KB) | Order
  • Product Overview Presentation Critical Illness Insurance (GP 60898)
    Provides details for brokers about critical illness insurance, including features, covered conditions, benefits, compensation and employee participation requirements. (Login required.)
    View (PDF: 1.9MB)


  • Voluntary Critical Illness Insurance (GP 60828)
    Provides information on why employers should offer the coverage and why they should offer it from Principal Life.
    View (PDF: KB) | Order
  • Voluntary Critical Illness Product Details (GP 60842)
    Provides information on product features and underwriting guidelines.
    View (PDF) | Order
    • Florida Version (GP 60842FL)
      View (PDF) | Order
    • California Version (GP 60842CA)
      View (PDF) | Order


  • Education Materials
    Use these materials to promote the need for Critical Illness insurance with employees

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For More Information:

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1 Financial Security Index survey, June 2013.

2 Based on current federal income tax laws, if insurance premiums are paid with after-tax dollars, the benefits are received income-tax-free.