Sun Life Financial adds cancer coverage
WELLESLEY, Mass., Aug. 29, 2018 /PRNewswire/ -- Sun Life Financial has added a cancer plan to its benefits offering in the U.S. that gives patients support for screenings, treatments, recovery needs and everyday expenses. Benefits are paid directly to the member and can be spent any way they choose, including household needs like groceries or bills, or out-of-pocket medical expenses like copays for health insurance.
According to a recent study from Duke University, cancer patients spend 11 percent of their household income on their cancer treatments and care – and those spending more than 10 percent are considered "underinsured." A cancer plan, considered a "voluntary" benefit, fills the financial gaps from health insurance as it pays a pre-set amount to the member regardless of the treatment path.
"Sun Life's claims research has shown that costs associated with a cancer diagnosis can be very high, whether it's for treatment, surgeries or other forms of care," said Joi Tillman, vice president of Voluntary benefits at Sun Life Financial U.S. "On top of that, patients have expenses like transportation, rent or child care that can pile up while they are getting treatment. Cancer coverage offers financial protection during a difficult health event, and we are pleased that our employer clients can offer this protection to their employees along with the rest of Sun Life's comprehensive benefits and services."
Sun Life's cancer plan is the final product to join its integrated benefits portfolio following its 2016 acquisition of Assurant Employee Benefits. The product portfolio combines the best of both companies and now includes life, dental, vision, disability, cancer, critical illness and accident insurance, among other voluntary coverages. The combined service portfolio offers end-to-end enrollment capabilities, absence management, EAPs (employee assistance programs) and return-to-work/vocational rehabilitation services. Employees also have access to the Sun Life Dental NetworkSM, one of the largest PPO networks in the country.
Sun Life cancer insurance is available in all 50 states, and will be available for enrollment effective December 1, 2018.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of insurance, wealth and asset management solutions to individuals and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2018, Sun Life Financial had total assets under management of C$986 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
In the United States, Sun Life Financial is one of the largest group benefits providers, serving more than 60,000 employers in small, medium and large workplaces across the country. Sun Life's broad portfolio of insurance products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and stop-loss. For more information, please visit www.sunlife.com/us.
Devon Portney Fernald
Sun Life Financial