Allstate expands critical illness insurance into Canadian employer market

Canada health critical illness insurance industry

The insurer has now broadened the reach of this product to help employers to offer added benefits.

Allstate Benefits, the top voluntary benefits provider in the United States, has now expanded into Canada to give employers a new way to offer critical illness insurance products and services to their employees.

This coverage is meant to enhance the health care services that are already available to all Canadians.

According to the Canadian Cancer Society, there will have been almost 197,000 new cases of cancer in the country by the end of this year. Moreover, there will be 70,000 heart attacks among residents. Kidney disease already affects 1 in every 10 Canadians. It is as a result of these figures that families are taking their health care very seriously and are starting to take a look at additional products, such as critical illness insurance, that can protect them in the event of a diagnosis of that nature.

Critical illness insurance can help Canadians to be able to access better care choices when the worst happens.

Canada health critical illness insurance industryAccording to the president of Allstate Benefits, Gregory Guidos, “We are excited to announce we are bringing this industry-leading product to Canada as our first Group Voluntary product offering available to Canadian employers for their employees.” He pointed out that they already serve more than 40,000 employers and cover approximately 3 million employees in the United States. This experience is invaluable to making certain that the same level of benefit can be offered to workers in Canada.

Allstate Canada already provides Canadians with a range of different insurance products, particularly in the areas of home, property, and auto. It has been in this market for more than six decades. CEO and president of Allstate Insurance Company of Canada, John O’Donnell said that “We are pleased to announce this new Canadian initiative offered by our Allstate Benefits division.”

This critical illness insurance is designed to provide a policyholder with financial support upon a diagnosis of one of the covered illnesses. Covered conditions could include: kidney failure, major organ failure, heart attack, stroke, Alzheimer’s disease, Parkinson’s disease, invasive cancer, or others, depending on the policy. Once a diagnosis has been made, a lump-sum cash benefit is paid to the policyholder.

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