LÉVIS, QC, Feb. 14, 2012 /CNW Telbec/ - Desjardins Financial Security www.desjardinsfinancialsecurity.com is offering a brand-new critical illness insurance product for employers who want to help their employees cope with the financial stress related to health problems.
Thanks to advances in modern medicine, the chances of surviving a critical illness has improved significantly—but the financial cost can still take a toll, especially if the person isn't covered by a group insurance plan (i.e. financial support for the employee's spouse, going outside for treatment, home care, etc.).
According to Nathalie Laporte, Vice-President of Group and Business Insurance Product Development and Marketing at Desjardins Financial Security (DFS), employers can choose from two plans that best suit their needs. "The basic plan covers the four most common critical illnesses, and the enhanced plan covers 31 illnesses—the most comprehensive coverage available."
Major advantages for employees
A group insurance plan that includes both critical illness and long-term disability coverage is a comprehensive solution that allows employees to focus on their recovery and get better without putting their financial assets at risk. Subject to certain conditions, the new coverage has the following advantages:
- Cancer recurrence provision: Coverage does not automatically end once a benefit is paid. The insured receives an additional payment of the full benefit amount in the event of a cancer recurrence.
- Multiple benefit provision: An insured who has already suffered a critical illness and is later diagnosed with another covered critical illness may be eligible to receive another benefit.
- Additional payment: This new coverage also includes an additional payment of up to $25,000 for coronary angioplasty, prostate cancer, skin cancer or breast cancer.
- Conversion privilege: In addition to a waiver of premiums provision, employees also have a conversion privilege that allows them to maintain their coverage if they cease to be a member of their group plan.
A comprehensive approach to workplace wellness and disability management for employers
The new DFS critical illness product is part of the Contact 360° offer, a comprehensive approach to workplace wellness and disability management. It includes prevention strategies, timely intervention, and support and guidance for employees to help them achieve a safe and sustainable return to work.
For most Canadian employers, absences due to short and long term disability leave are a daily problem. Employee absences reduce productivity, increase costs and can affect team morale, especially if replacement staff can't be found. Employers have also been noticing increased use of health care plans, a higher volume of disability claims and a growing proportion of disabilities due to mental health problems, cancer, and musculoskeletal disorders.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of Desjardins Group, the leading cooperative financial group in Canada, specializes in providing life and health insurance and retirement savings products to individuals and groups. Every day, over five million Canadians rely on Desjardins Financial Security to ensure their financial security. Desjardins Financial Security employs over 4,000 people and administers $27.7 billion in assets from offices in several cities across the country, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montréal, Québec, Lévis, Halifax and St. John's. For more information, visit the website at www.desjardinsfinancialsecurity.com.
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