SSQ Financial Group is preparing to launch a new critical illness insurance plan for groups.
The product will offer basic, complete, and total levels of coverage, offering protection against 6, 24, and 40 conditions respectively. SSQ says that the latter will be the most comprehensive critical illness insurance plan in the industry, and notes that it has also reduced its survival period from 30 days to 14 days.
The smallest group size that is eligible for coverage is now five employees, down from ten, and SSQ has increased the age limit from age 69 to 75. The maximum amount of insurance available per employee is also going up from $400,000 to $600,000. The Quebec-based insurer has been expanding its national presence recently; SSQ currently has 150 employees in Toronto, and last year 55% of its new group insurance sales were made outside of its home province.
"SSQ Financial Group's critical illness insurance lineup is a testament to our core values and commitment to developing products tailored to the needs and realities of today's consumer," comments Carl Laflamme, SSQ's senior vice-president of group insurance.
The product is scheduled to launch on March 15.
Don’t miss Alain Thériault's article in this month’s issue of The Insurance and Investment Journal for more on the changing group critical illness insurance market.