Sun Life Accident and and Critical Illness
products now available in New
York
WELLESLEY, MA, May 13, 2015 /PRNewswire/ - The U.S. business
group of Sun Life Financial has launched two key products –
Accident insurance and Critical Illness insurance – in New York, completing Sun Life's national
rollout of these important voluntary benefits. Sun Life began
introducing these products in 2013 to help protect employees from
out-of-pocket medical costs and to meet the increasing demand for
benefits supplemental to health insurance. Now, Sun Life offers
Critical Illness in 49 states (and the District of Columbia) and Accident in 47
states (and the District of
Columbia).1
Sun Life offers a choice of Accident insurance plans geared to
different needs, whether the insurance is for growing families, for
active individuals, or for the cost-conscious. Benefits are paid
directly, in a lump sum, and employees can use the money however
they want. The plans include an Optional Accident Disability
Benefit to provide another layer of financial protection against
loss of income caused by a covered accident.
Critical Illness insurance (referred to as Specified Disease
insurance in New York) provides a
lump sum benefit to offset deductibles, co-pays, routine bills,
increased child care, and other costs resulting from conditions
such as cancer, stroke and heart attack. Sun Life's Critical
Illness coverage also includes health care support services that
provide 24x7 access to registered nurses and claims and benefits
specialists who can assist with medical questions and help
employees navigate their health plan.2 Health support
services include explanation of benefits, step-by-step guidance on
claims and billing issues, and assistance finding providers.
"With rising medical costs and an increase in high deductible
health plans, we're seeing a growing need for voluntary benefits
that help individuals fill the financial gaps," says Scott Beliveau, Senior Vice President for Group
and Voluntary Business at Sun Life. "We offer comprehensive
products that help employers keep costs in line while still
providing their employees with the benefits they need."
In 2012, the Agency for Healthcare Research and Quality
estimated that direct medical costs for cancer in the U.S. were
$85.5 billion.3 These
significant costs can impact both the patient and the employer. In
fact, as the number one condition for catastrophic medical claims,
cancer accounts for 25% of all stop-loss claim
reimbursements.4 Sun Life addresses this by linking its
medical Stop-Loss insurance, which covers catastrophic claims for
self-insured employers, to its Critical Illness product. Through
its Stop-Loss Cancer rider, Sun Life provides an enhanced
reimbursement benefit for employers who experience a stop-loss
cancer claim and also have an active Critical Illness/Cancer policy
in force.
1Group
insurance policies are underwritten by Sun Life Assurance Company
of Canada (Wellesley Hills, MA) in all states, except New York,
under Policy Form Series 07-SL REV 7-12, 12-GP-01, 13-SD-C-01,
13-SDPort-C-01, 12-AC-C-01, 12-GPPort-01 and 12-ACPort-C-01. In New
York, insurance policies are underwritten by Sun Life and Health
Insurance Company (U.S.) (Windsor, CT) under Policy Form Series
07-NYSL REV 7-12, 12-GP-SD-01, 13-SD-C-01, 12-GPPort-01,
13-SDPort-C-01, 12-AC-C-01, 12-GPPort-01 and 12-ACPort-C-01.
Product offerings may not be available in all states and may vary
depending on state laws and regulations.
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2Sun Life
has partnered with ComPsych Corporation to offer health care
support services (HealthChampionSM).
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3Most
recent data available.
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4Sun Life
Stop-Loss research report, "Top Ten Catastrophic Claims
Conditions," 2014.
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About Sun Life Financial
Celebrating 150 years in
2015, Sun Life Financial is a leading international financial
services organization providing a diverse range of protection and
wealth products and services to individuals and corporate
customers. The Sun Life Financial group of companies operates under
the "Sun Life Financial" name strictly as a marketing name and no
legal significance is expressed or implied. Sun Life Financial and
its partners have operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. In the
United States and elsewhere, insurance products are offered
by members of the Sun Life Financial group that are insurance
companies. In the United States,
Sun Life Financial provides a range of products and services to
employers and their employees, including Group and Voluntary
Accident, Critical Illness, Dental, Disability, Life, and Stop-Loss
insurance products. Product offerings may not be available in all
states and may vary depending on state laws and regulations. Sun
Life Financial Inc., the holding company for the Sun Life Financial
group of companies, is a public company. It is not an insurance
company and does not offer insurance products for sale in
the United States or elsewhere,
and does not guarantee the obligations of its insurance company
subsidiaries. Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE), and Philippine (PSE) stock exchanges under the
ticker symbol SLF. For more information please visit
www.sunlife.com/us.
SOURCE Sun Life Financial Inc.