The new insurance plans will allow employers to choose the benefit schedules that meet the demographic and budgetary needs of their employees. Both the plans will also offer an Optional Accident Disability Benefit for employee and spouse.
According to Sun Life, the two accident insurance plans are Essential plan and Preferred plan.
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The Essential plan will feature streamlined benefit schedule, benefits payable multiple times, no annual or lifetime maximums, premiums starting at approximately $5 a month, and equal benefit amounts for employees, spouses, and dependent children.
Sun Life voluntary division sales vice president Tom Gilligan, said: "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."
The company said that the Preferred plan will feature low/mid/high benefit schedules, with the option to customize, robust list of covered benefits, coverage for accidental death and dismemberment up to $250,000, and related care ranging from ER/urgent care visits and X-rays to surgical procedures and physical therapy.
Gilligan said: "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. 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."
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