The new rider will provide an enhanced benefit for the firm’s self-insured Stop-Loss customers who both qualify for reimbursement for a catastrophic claim due to cancer and will also offer their employees a Sun Life voluntary cancer benefit.
According to Sun Life, the new Stop-Loss Cancer rider will provide qualifying employers with a stop-loss deductible reduction of up to $10,000, depending on size of the deductible, when Sun Life reimburses an employer for a catastrophic claim associated with cancer.
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Sun Life said that its Critical Illness policies will provide covered employees with a lump sum payment ranging from $5,000 to $50,000, depending on coverage levels, upon diagnosis of a covered condition.
Sun Life vice president for Stop-Loss, Scott Beliveau, said: "Our Stop-Loss Cancer rider offers qualifying employers an additional benefit for catastrophic claims, to provide added financial protection against an illness that has become increasingly prevalent and expensive.
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