Sun Life Accident and Critical Illness products now available in New York
Wellesley, MA – (May 13, 2015) — 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.
1 Group 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.
2 Sun Life has partnered with ComPsych Corporation to offer health care support services (HealthChampion SM ).
3 Most recent data available.
4 Sun Life Stop-Loss research report, "Top Ten Catastrophic Claims Conditions," 2014.
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.