Combined Canada launches new suite of critical illness products
Combined Canada launches new suite of critical illness products | Insurance Business Canada
Life & Health
Combined Canada launches new suite of critical illness products
The plans aim to offer flexible options for coverage
Life & Health
By
Terry Gangcuangco
Combined Canada, a Chubb company, has launched a new suite of critical illness products.
The plans provide flexible coverage options for individuals and families. The suite addresses various medical conditions, including cancer, heart attacks, strokes, and kidney failure, with four distinct plan types that cover up to 26 conditions at 100% of the selected benefit amount, along with partial benefits for many other conditions.
The products feature guaranteed renewability and return of premium upon death, with benefits payable in addition to any other insurance the policyholder might have.
The plans offer flexible term options and benefit amounts ranging from $10,000 to $100,000, covering the entire family if desired. They also include Teladoc Health Canada’s Expert Medical Services.
“Canadians are increasingly aware of the financial impacts that can accompany a serious health condition,” said Vincent Iozzo (pictured), 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 seven in 10 Canadians purchasing supplemental coverage as part of a broader financial plan.
“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.”
Notably, critical illness insurance from Combined Canada is structured to provide a lump-sum cash benefit upon the diagnosis of a covered condition, which is distinct from disability insurance that typically offers ongoing income replacement.
The payout is designed to cover immediate costs such as deductibles and copays, care from out-of-network providers, and other expenses during recovery.
“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 said.
“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.”
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