The Briefing On Group Life and Health Insurance
Sun Life to add medical cannabis coverage to group plans
Sun Life Financial, a Toronto-based insurer, is set to introduce medical cannabis coverage to its group benefits plans.
Sun Life president and CEO Dean Connor said that the move was influenced by increasing interest from Sun Life’s employer clients.
“Medical marijuana has become a very important part of their treatment program and pain management program,” Connor added, referring to patients who are suffering from cancer, multiple sclerosis, HIV-AIDS and other medical conditions that require palliative care.
According to Swiss Re, group risk policies now provide insurance for more than 12 million people in the UK. In 2016, group death benefit sums assured increased by 4.4%, long-term disability income benefits by 9.1% and critical illness sums assured by 9.0%. (In 2015, the equivalent increases were 5.2%, 4.2% and 11.4% respectively).
Renaissance to acquire Security Mutual’s group life, disability and accident insurance division
Renaissance Life & Health Insurance Company of America has agreed to acquire Security Mutual Life Insurance Company of New York’s group life, disability and accident insurance division.
As part of the transaction, Security Mutual will transfer its group life, disability, and accident insurance division to Renaissance while Renaissance will offer dental and vision plans to Security Mutual.
Unum forays into Polish market with Pramerica Zycie acquisition
Unum, a US-based financial protection benefits provider, has agreed to acquire Pramerica Życie TUiR, a financial protection provider in Poland, from a subsidiary of financial services firm Prudential Financial.
Pramerica Życie operates a group and individual risk protection provider and offers coverage in life insurance products.
The deal, whose financial terms were not disclosed, marks the foray of Unum into Polish market.
Research* revealed by Group Risk Development (GRiD) shows that cancer and other acute medical conditions account for nearly one in five (19%) long-term absences among employers. Indeed, cancer is the main cause of claim across all group risk products (employer-sponsored life assurance, income protection and critical illness benefits)
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