"What we are bringing to the marketplace is a differentiator. It's time to get with today's market needs," Combined Canada VP says
Research continues to show that financial stressors can result in negative health impacts on individuals battling critical illnesses, impacting the physical well-being of their families. A report from the Canadian Medical Association released earlier this year found more one-third of patients in Canada reported suffering financial distress after a cancer diagnosis. This can lead to anxiety, gaps in care, and insufficient recovery time, which can ultimately exacerbate a stressful critical condition.
Combined Canada, an insurance provider of supplemental accident, health, disability, and life insurance products, has introduced a new suite of products for critical illness insurance, which they say is a prominent gap in the Canadian marketplace.
“It's about having coverage that you really need,” says Vincent Iozzo, senior vice president and chief distribution officer at Combined Canada. “The statistics don't lie. The medical information talks about these critical illnesses all the time, and we hear it, unfortunately, from family and friends, that catastrophes can happen. People don't have the proper financial ability to sustain a critical illness. That can be quite debilitating from a financial perspective.”
That’s why Iozzo believes the product offering is the number one differentiator currently in the market.
“Critical illness is not a new product in the marketplace but what we are bringing to the marketplace is a differentiator. It's time to get with today's market needs, the coverages, the medical requirements and the differences that exist today versus years ago. This product allows for a proactive, positive ability for families to protect themselves and have the flexibility to purchase it and afford it according to each family’s dynamics. There's no more uncertainty that happens today.”
Iozzo explains the new critical illness offering includes four different plan types covering up to 26 conditions paid at 100 per cent of the elected benefit amount, plus many conditions covered as partial benefits. The suite of products was designed to provide policyholders and their families flexibility, financial benefits, and peace of mind.
He noted that policies are guaranteed renewable, include a return of premium upon death, and plan benefits are payable in addition to all other insurance policies. In addition to flexible term options, Combined Canada offers 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). With this offering, consumers are able to work with their local Combined Canada agent to build their own individual critical illness insurance policy.
The organization’s critical illness coverage 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, giving clients 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.
“We packed everything into this that is relevant with today's health risks and what has been identified from the Medical Association, so we’re really proud of the product that we built,” Iozzo said.
The suite of products also 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.
Combined Canada says they’re tailoring this suite of critical illness insurance to everyone in the marketplace; from an individual product that can be sold to employers on an employer paid basis, on an employee voluntary paid basis, and to individual families. “The application process and the coverage has really been simplified for families, so it is available to all markets that that are available in Canada,” Iozzo said.
The return of premium is also a differentiator for the suite of products, Iozzo highlighted, because not all insurers offer the option. Not only is it expensive for other carriers who might not understand the product or haven't been in the space long enough to understand the pricing and experience around it, but Combined Canada also has on hand hundreds of thousands of policyholders.
“Our risk diversification is fantastic. We're able to spread that risk amongst multiple individuals and families, which allows us that flexibility to offer a little bit more, and that's exactly what we've done with this product.”
