Sun Life Financial Launches Group Voluntary Accident Insurance
Carrier offers two accident insurance plans to meet needs of various employee populations
WELLESLEY, Mass.--(BUSINESS WIRE)-- 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."
About Sun Life Accident Insurance
Accident insurance is a limited benefit coverage. It provides accident coverage only. It does not provide basic hospital, basic medical, or major medical insurance. The certificate has limitations and exclusions that may affect any benefits payable. Benefits payable are subject to all terms and obligations of the certificate. Sun Life's Accident Insurance product is not available in all states. Benefits sales professionals should call their Sun Life group representative for more information.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, and Bermuda. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. In the United States, Sun Life Financial provides a range of products and services to employers and their employees, including Group and Voluntary Life, Disability, Dental, and Stop-Loss insurance products. Product offerings may not be available in all states and may vary depending on state laws and regulations. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF. For more information, please visit www.sunlife.com/us.
1 "More than two-thirds in U.S. live paycheck to paycheck: survey," www.reuters.com, September 19, 2012. Refers to study published by American Payroll Association. http://www.reuters.com/article/2012/09/19/us-usa-survey-paycheck-idUSBRE88I1BE20120919.
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