Reliance Standard Launches Voluntary Critical Illness and Group Accident Benefits Products
June 13 2011 - 10:25AM
Business Wire
Reliance Standard Life Insurance Company (Reliance Standard), a
leading group insurance carrier specializing in flexible employee
benefits, today 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.
About Reliance Standard Life Insurance Company
Reliance Standard Life Insurance Company is a leading insurance
carrier specializing in innovative and flexible employee benefits
solutions for employer groups of all sizes. A wholly-owned
subsidiary of Delphi Financial Group, Inc. (NYSE:DFG), Reliance
Standard offers coverage options for group life, disability income,
accident, dental, eye care and limited benefit medical programs.
Reliance Standard delivers comprehensive absence management and
integrated disability services in tandem with sister company Matrix
Absence Management, an industry leader in managed disability,
return-to-work services, and personal/family and medical leave of
absence (FMLA) programs. Rated A (Excellent) by A.M. Best (affirmed
December 2010), Reliance Standard celebrated its centennial year in
2006. For more information, visit www.reliancestandard.com or call
(800) 351-7500.
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