Symbility Health, in collaboration with Western Life Assurance has launched a Small Group Pooled Insurance Solution for small to mid-size employee groups.
The product was developed on demand of Symbility Health’s national network of third-party administrators and brokers as an alternative small-scale component to add to their benefits packages and concentrate on insurance when catastrophe coverage is required.
The solution includes complete benefits, with life, AD&D, critical illness, emergency travel medical and excess medical.
The company said that the new small group pooled insurance product enables coverage for less than five lives on Administrative Services Only (ASO), Health Care Spending Account (HCSA) and Cost Plus plans.
Western Life Assurance president and CEO Grant Ostir said, "The pooled feature of our comprehensive product offering is ideally suited for small to mid-size companies and will greatly benefit the clients, partners and strategic customers of Symbility Health."
Symbility Solutions president & COO Richard Adair said that several of its partners want to give the flexibility of a healthcare spending account to their client’s employees enabling them to have excess coverage for expenses in case of a catastrophic illness.
"This new small group product will enable them to have the peace of mind with the component of stop loss attached to the product," Adair added.
Western Life Assurance is a subsidiary of Canadian-owned property and casualty brokerage Western Financial, which serves more than 790,000 customers across western Canada, through more than 160 office locations and affiliates.