Equitable Life of Canada has announced it has teamed up with insurance firm ACE Canada to offer group critical illness coverage to 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, with Equitable Life. “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.”

“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,” explains Eddy Levy, vice-president, sales and marketing, life operations, with ACE Canada.

Canadian cancer patients who had insurance coverage, for example, still faced out-of-pocket expenses of between $1,500 and $2,900 per month for a typical treatment duration of 11 months, according to the Patient Burden in Cancer study from McMaster University.