Sun Life Financial's US business group has introduced a new Stop-Loss Cancer rider, to help employers better protect themselves and their employees against the costs of cancer treatment.
The insurer said that the rider offers an enhanced benefit for Sun Life’s self-insured Stop-Loss customers who both qualify for reimbursement for a catastrophic claim due to cancer and also offer their employees a Sun Life voluntary cancer benefit.
Sun Life plans to address more of the impact caused by cancer, by connecting employer and employee protection together.
Cancer is the number one catastrophic claims condition, accounting for 25% of all the firm’s Stop-Loss claims reimbursements, according to a research by the company.
Sun Life stop-loss vice president said Scott Beliveau said, "Our Stop-Loss Cancer rider offers qualifying employers an additional benefit for catastrophic claims, to provide added financial protection against an illness that has become increasingly prevalent and expensive."
The company offers products including Stop-Loss and Stop-Loss Cancer rider with Cancer insurance, or Critical Illness and Cancer insurance together, designed to deliver financial protection against cancer for employers, employees, and their dependents.
Sun Life Financial group of companies operate in Canada, the US, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. They had total assets under management of $571bn, as of 31 March 2013.