June 30, 2011 - Equitable Life of Canada has joined forces with ACE
Canada to offer Group Critical Illness insurance to help protect
Plan Members.
"Being diagnosed with and surviving a serious
illness or injury can just be the start of challenges for Plan
Members," explains Karen Mason, Senior Vice President - Group,
Equitable Life of Canada. "Group Critical Illness provides Plan
Members who survive a serious illness or injury a lump sum payment
in addition to any benefits they receive under the overall
Equitable Life Group Benefits Plan."
"This lump sum payment can be used to help cover
health care costs, assist in alleviating the financial burden
associated with serious illness or injury or can be used for any
other need identified by an Equitable Life Plan Member," explains
Eddy Levy, Vice President, Sales & Marketing, Life Operations
for ACE Canada. "The financial impact of a serious, life-altering
medical event can be tremendous and most Canadians are not prepared
for this in terms of savings."
In fact, according to the Patient Burden in
Cancer study from McMaster University, Canadian cancer
patients with insurance were still out-of-pocket between $1,500 and
$2,900 a month for a typical duration of 11 months1.
With more than 25,000 men estimated to be diagnosed
with prostate cancer2
and more than 23,000 women expected to be diagnosed with breast
cancer in 20113, Group
Critical Illness is a relevant product offering for Equitable Life
Group Benefits clients.
Group Critical Illness through Equitable Life is
underwritten by ACE Canada and covers not only cancer, but heart
disease, hip and knee replacements, as well as coverage for Plan
Members who suffer loss of independence due to these or other
serious medical incidences.
"This is a benefit intended to aid Plan Members at a
time when they need help the most," says Equitable Life's Karen
Mason. "This means that they can concentrate on their health
instead of their financial situation and will assist them in
returning to their normal life and work more
quickly."
About Equitable Life of
Canada
Since 1920, customers have been depending on Equitable
Life of Canada for financial protection. As one of the largest
mutual life insurance companies in Canada, Equitable Life® is dedicated solely to its
policyholders. Everything we do is focused on providing them with
personalized service, security and
wellbeing.
Through partnerships with Managing General Agencies
and Advisors, we offer a wide selection of competitive Individual
Life and Health, Savings and Retirement and Group Benefits products
to meet a range of financial planning and health
needs.
www.equitable.ca
About ACE
Canada
ACE Canada refers to ACE INA Insurance and ACE INA Life
Insurance, subsidiaries of the ACE Group headed by ACE
Limited (NYSE: ACE), and is rated AA- (Very Strong) by Standard
& Poor's and A+ (Stable) by A.M. Best Company. ACE Canada,
through its underwriting companies, provides insurance products and
services throughout Canada. Additional information on ACE Canada
and its products and services can be found at www.ace-ina-canada.com
. The ACE Group of Companies provides insurance and
reinsurance for a diverse group of clients around the
world.
Media Relations Contact
Mike Waechter
Director, Group Marketing
Direct Line: 519.904.8090
Email: mwaechter@equitable.ca
1.
Patient Burden in Cancer study published by Christopher Longo, PhD
and Assistant Professor from the DeGroote School of Business at
McMaster University
2.
Canadian Cancer Society
3.
Canadian Breast Cancer Foundation
