Comprehensive, flexible, and affordable
coverage helps Canadians gain financial peace of mind as they plan
for unforeseen future healthcare expenses
MARKHAM,
ON, May 1, 2024 /CNW/ -- Combined
Canada, a leading provider of
supplemental accident, health, disability, and life insurance
products in Canada, today
introduced a new suite of products designed to address a prominent
gap in the Canadian marketplace—critical illness
insurance.
The new Critical Illness Suite of Products from
Combined Canada provides several plans with flexible options for
individuals and families. Together they offer Canadians
comprehensive coverage against a wide range of medical
circumstances, such as cancer, heart attacks, strokes, and kidney
failure.
The new offerings come at a time where there is greater
awareness and concern among Canadians over the financial
impacts of critical illness, and where Canadians want to be
more planful regarding "life events."
- More Timely Than Ever – Advancements in detection and
diagnosis have contributed to greater awareness of critical
illnesses among Canadians. With two in five Canadians expected to
receive a cancer diagnosis in their lifetime1 and an
estimated 70,000 Canadians experiencing a heart attack
annually2, the need has never been greater.
- Rising Costs – Healthcare costs and rates of diagnosis
for critical illnesses like cancer, stroke, and heart disease
continue to weigh on Canadians and their families. According to
recent estimates, the average Canadian paid $902 in out-of-pocket medical expenses in 2023,
equivalent to $75
monthly.3
- Health Impacts of Financial Stress – A growing body of
research shows that financial stressors can result in further
negative health impacts on individuals battling critical illnesses
and also impact the physical well-being of their families. Dubbed
"financial toxicity" in a recent paper from the Canadian
Medical Association, more than a third of patients4
in Canada reported suffering
financial distress after a cancer diagnosis. This can lead to
anxiety, gaps in care, and insufficient recovery time—all of which
can exacerbate a stressful critical condition.
"Canadians are increasingly aware of the financial impacts that
can accompany a serious health condition," said Vincent Iozzo, Senior Vice President, Chief
Distribution Officer and Chief Agent at Combined Canada. "That has
contributed to a growth in the supplemental insurance category,
with nearly 7 in 10 Canadians purchasing supplemental coverage as
part of a broader financial plan5. Combined is the
leader and pioneer in this category, and we will continue to
innovate to serve the needs of Canadians and their families in an
ever-changing marketplace."
The new Critical Illness offering includes four different plan
types covering up to 26 conditions paid at 100% of the elected
benefit amount, plus many conditions covered as partial benefits.
This suite of products was designed to provide policyholders and
their families flexibility, financial benefits, and peace of mind.
Policies are guaranteed renewable, include a return of premium upon
death, and plan benefits are payable in addition to all other
insurance policies. With flexible term options, the ability to
elect benefit amounts from $10,000 to
$100,000 and options for coverage for
the whole family - plus the inclusion of Teladoc Health Canada's
Expert Medical Services (EMS) - consumers are able to work with
their local Combined Canada agent to build the critical illness
insurance policy that's right for them.
Critical Illness insurance from Combined Canada offers
policyholders a lump-sum cash benefit upon the diagnosis of a
covered condition, distinguishing itself from disability plans
which typically provide ongoing income replacement. This benefit is
designed to cover immediate, out-of-pocket expenses, allowing
insureds the freedom to allocate the funds according to their
needs. The financial support can be used to cover a variety of
crucial needs as individuals heal, including covering deductibles
and copays; addressing out-of-network care expenses; and supporting
living expenses during the recovery period.
In addition, Combined Canada offers highly customizable options
to ensure policyholders can choose the right plan for themselves
and their families, including benefits such as return of premium
upon good health, subsequent diagnosis benefits, and paid-up
benefits.
"Now more than ever, healthcare and financial planning run
hand-in-hand, and consumers have a dizzying array of options from
which to choose," Iozzo added. "Fortunately, Combined Canada's
easy-to-understand menu of customizable options offers the
inclusivity, flexibility and cost efficiency to help Canadian
families weather sudden, unexpected and financially challenging
health diagnosis."
Detailed information on coverage options, eligibility, and next
steps is available from local Combined Canada agents or on
www.combined.ca.
1 Canadian Cancer Society (2023).
2 Heart and Stroke Foundation of Canada.
3 Canadian Institute for Health Information.
4 Canadian Medical Association (2023).
5 Canadian Life & Health Insurance Association
(CLIHA).
About Combined Canada
Combined Canada is a leading
provider of supplemental accident, health, disability, and life
insurance products in Canada.
Headquartered in Markham, Ontario,
the company has operated in Canada
since 1956 as a branch of Combined Insurance Company of America, a
Chubb Company. With offices located throughout Canada and sales representatives in every
province, Combined Canada is committed to making the world of
supplemental insurance easy to understand. The company has an A+
rating by the Better Business Bureau and an A + (Superior)
financial strength rating by A.M. Best. For more information,
please visit www.combined.ca
SOURCE Combined Insurance