Reliance Standard Life Insurance Company (Reliance Standard), a leading group insurance carrier specializing in flexible employee benefits, recently announced the launch of two new lines of group coverage to help employees safeguard their financial security in the face of unplanned illness and accident. Voluntary Critical Illness (VCI) and Voluntary Accident (VAI) insurance help eliminate the financial gaps caused by a critical illness or accident that are not covered by medical, disability and life insurance coverage.
“Health care costs have continued to rise over the past several years, but have not reliably kept pace with the true cost of health care delivery and treatment,” said Lawrence Daurelle, president and CEO of Reliance Standard. “The chances of being diagnosed with a critical illness or experiencing an accident are steadily increasing, as are survival rates, which leads to growing financial challenges for the affected family.”
Voluntary Critical Illness insurance provides a fixed, lump-sum payment upon diagnosis of a critical illness which can include cancer, heart attack, stroke, paralysis and more. The benefit payment is made directly to the insured and can be used for any purpose, such as covering deductibles, medical co-payments, income shortfalls and travel expenses. Employees can elect coverage ranging from $5,000 to $50,000 each for themselves and their spouses.
Voluntary Accident insurance provides a range of fixed, lump-sum benefits for injuries resulting from an accident – ranging from fractures, burns and dislocations to more severe injuries and treatments. Payment is made directly to the insured and can be used for any purpose, such as deductibles, prescription costs, medical-co-payments and household help. All coverage is guaranteed issue and requires no medical underwriting.
“An unintended byproduct of superior medical care has been a widening financial gap surrounding treatment,” Daurelle said. “The costs associated with treating – and in many cases surviving – a critical illness or catastrophic accident can be staggering, making it difficult for individuals to remain financially stable and re-enter the job market. In a market where employees are taking responsibility for more of their benefits decision-making and spending, these two new product offerings are important, affordable and proven solutions to the evolving puzzle of prevention, care, treatment and financial recovery.”
Both new products are now available in most states and may be purchased as voluntary (100 percent employee paid) or contributory coverages. They may be purchased standalone or in conjunction with other Reliance Standard lines. Policies will be offered with effective dates beginning October 1, 2011.
Reliance Standard specializes in integrated group employee benefits including long- and short-term disability, life, dental and vision insurance, and end-to-end employee leave management. Reliance Standard has also partnered with AllOne Health Group to create RelianceONE™, a strategic initiative developed to improve the health of employees and the bottom lines of employers through integrated workforce health and productivity management services.
For more information about Reliance Standard, visit www.reliancestandard.com.
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