Sun Life Expands Employee Benefits Suite
In an effort to provide an enhanced cover for critical illness such as cancer, Sun Life Financial Inc. (SLF) has introduced a new cover called Stop-Loss Cancer rider.
The Stop-Loss cancer rider provides extra cover for Sun Life’s customers who are enrolled in Stop Loss product, and qualify for reimbursement for high claim due to cancer and also offer their employees a Sun Life voluntary cancer benefit.
Sun Life has introduced this extra feature keeping in mind the high costs related to cancer illness faced by both the employees as well as employers each year. Sun Life has found out that cancer is the highest rated illness that leads to catastrophic claims condition. Besides, workers with cancer, despite having health cover, pay out-of-pocket costs averaging $6000. Cancer also causes loss of pay for an average of four months or sometimes even longer duration.
The addition of rider captures all the above issues and provides cover to customers to protect their health as well as wealth.
The introduction of this new feature marks the broadening of services in the company’s employee benefits product portfolio in its U.S group of business. Earlier during the month, Sun Life announced the introduction of a couple of voluntary accident insurance plans – The Essential plan and The Preferred plan.
In Jul 2013, the employee benefits group expanded its suite of voluntary benefits with the launch of its first accident product aimed to protect workers against the out-of-pocket costs associated with a variety of covered accidents.
Continuous introduction of new products and addition of new features in the company’s Employee Benefits segments is in sync with its long term strategy to achieve leadership position in this line of business in the U.S.
Sun Life has undertaken business restructuring in its U.S. division by discontinuing Annuity business. The company on the other hand is leveraging its top position in U.S. Group Benefits by investing in the voluntary benefits and employee benefits business.
Other players in U.S. with an active presence in the employee benefits line of business are Prudential Financial Inc. (PRU), Assurant Inc. (AIZ) among others.
Sun Life retains a Zacks Rank #3 (Hold). Life insurer Lincoln National Corp. (LNC), with Zacks Rank #1 (Strong Buy) is worth considering.
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