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."
"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
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