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Sun Life Financial Launches Group Voluntary Accident Insurance

Stocks in this article: SLF

The Employee Benefits Group of the U.S. business group of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) today announced the release of two group voluntary accident insurance plans, allowing employers to choose the benefit schedules that meet the demographic and budgetary needs of their employees. Both plans also offer an Optional Accident Disability Benefit for employee and spouse.

“Sun Life is thrilled to offer employers such a versatile suite of voluntary accident benefits,” said Leston Welsh, Vice President of Product Development for Sun Life’s Voluntary and Multiline divisions. “This accidental coverage can help employers give workers another tool to complement high-deductible health plans. We believe this offering provides a spectrum of coverage options geared to different needs and life stages.”

Sun Life offers two accident insurance plans.

The Essential plan has a straightforward plan design with a variety of choices. Employees at all levels of an organization can find a design that suits their needs. Highlights:

  • Streamlined benefit schedule
  • Benefits payable multiple times, up to a Maximum Benefit Amount per covered accident
  • No annual or lifetime maximums
  • Premiums starting at approximately $5 a month
  • Equal benefit amounts for employees, spouses, and dependent children

“We believe the Essential plan—and its disability rider—will appeal to younger workers, such as Millenials and employees with lower savings, who may value accident insurance over other insurance benefits,” said Tom Gilligan, Vice President of Sales for Sun Life’s Voluntary division. “With over two-thirds of American workers living paycheck to paycheck, 1 we think the Essential Plan can serve a large portion of the U.S. workforce.”

The Preferred plan offers a robust benefit schedule for employers to most effectively meet their employees’ needs. Highlights:

  • Low/mid/high benefit schedules, with the option to customize
  • Robust list of covered benefits
  • Related care ranging from ER/urgent care visits and X-rays to surgical procedures and physical therapy
  • Coverage for accidental death and dismemberment up to $250,000

“The Preferred plan may suit employees with active lifestyles and families with dependent children, including high school and college athletes who participate in sports with higher rates of injury,” added Gilligan. “Plenty of parents may find the Preferred plan a logical way to protect themselves against financial loss if they have kids involved in contact sports.”

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