The U.S. business group of Sun Life Financial Inc. (NYSE:SLF)(TSX:SLF) announced today a way for employers to better protect themselves and their employees against the costs of cancer. The new Stop-Loss Cancer rider provides 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.
By linking employer and employee protection together, Sun Life aims to address more of the impact caused by cancer.
According to Sun Life research, costs related to cancer can be significant issues for employers and employees, making it a difficult challenge that millions face every year. Some key findings from Sun Life’s research are:
- Cancer is the number one catastrophic claims condition, accounting for 25% of all Sun Life’s Stop-Loss claims reimbursements. 2
- Workers with health insurance who experienced cancer paid average total out-of-pocket costs of more than $6,000. 3
- Loss of income further increased the financial burden of a critical illness, with one-third of workers who experienced a critical illness reporting a workplace absence of four months or longer. 3
“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,” said Scott Beliveau, Stop-Loss Vice President for Sun Life. “Sun Life is focused on providing innovative solutions and new ways to protect our customers. We are the only carrier who currently offers this benefit to employers while also providing a separate, optional cancer coverage for their employees. At Sun Life, we are helping both employees and employers manage the financial implications of cancer.”
Sun Life offers the following products designed to provide financial protection against cancer for employers, employees, and their dependents:
- Sun Life Stop-Loss and Stop-Loss Cancer rider with
- Sun Life Cancer insurance, or
- Sun Life Critical Illness and Cancer insurance together
“Sun Life is committed to identifying new health care trends that help us develop innovative ways to protect our Stop-Loss customers and their employees from financial loss,” said Bob Klein, Sun Life’s Senior Vice President for Voluntary and Multiline. “The American Cancer Society estimates that over 1.6 million new cancer cases will be diagnosed this year alone. As cancer affects more and more lives every year, Sun Life is proud to offer solutions that help protect employers and their employees against serious financial loss.”