PM Group Life Insurance launches new product to protect individuals from high cost of critical illness

PM Group Life Insurance Company, Fountain Valley, CA, the employee benefits subsidiary of Pacific Life, has introduced "Living Options," a new critical illness insurance policy designed to fill the gap left by traditional life, medical and disability insurance. The company says the new employee benefit pays the insured individual a lump sum of cash following the diagnosis and survival of a critical illness such as cancer, heart attack, stroke, kidney failure, organ transplantation and others. The cash can be used in any way the claimant sees fit, including paying expenses not covered by medical or disability insurance.

PM Group offers three levels of Living Options coverage. Plan 1 covers cancer; Plan 2 covers cancer, heart attack, stroke, kidney failure, and major organ transplants; and Plan 3 covers all conditions covered by Plans 1 and 2, plus paralysis, loss of limbs, blindness and deafness. Living Options is a group product sold on a stand-alone basis, which allows employers to purchase the coverage without replacing existing group life plans. Premiums can be completely funded by employers on behalf of their workforces, or by employees, who can purchase the product at the worksite on a voluntary basis. The company says the average cost will be approximately $.50 per month per $1,000 coverage.

Living Options is available in California, Colorado, Ohio and Oregon with regulatory approvals pending in several states. PM Group currently covers approximately 4 million people in the US.

Contact: Joy Scott - [phone]