12 February 2018 13:30
Desjardins financial Security (DFS) has launched Priority health, an insurance product serious diseases that covers all cancers and abolishes the survival period of 30 days that the old product is Quiet necessary in the event of diagnosis of a cancer, a common practice in the industry. The abolition of the period of survival in case of cancer will accelerate the payment.
«All insurance companies require a survival period of at least 30 days after the issuance of a cancer diagnosis, said Nathalie Tremblay, the head of life products and health, development, and marketing of DSF, in an interview with the Journal of insurance. We have decided to remove, because it is very rare that a person dies within 30 days after a diagnosis of cancer. In the case where we had all the documents in hand, we would have been willing to pay two weeks after the diagnosis, without having to wait for 30 days. We will pay as well as quickly. «
Desjardins also intends to distinguish itself from the competition for the coverage of cardiovascular disease, adding more blankets to the terms and conditions that are less serious. «The conditions were a little less severe, all insurers cover the angioplasty. We cover other conditions, of which the aneurysm in the aorta, and implanting a defibrillator, » revealed Ms. Tremblay.
New definitions of the CPOMA
The new product also adopts the most recent definitions of reference of the serious diseases proposed by thecanadian Association of insurance companies of persons (CLHIA) in 2013. «The definitions of the CLHIA are evolving, and companies often expect to make major changes in their products before including. We did not have the definitions 2013 in the product Quietude, » says Ms. Tremblay.
The insurer took the opportunity to modify, accordingly, its insurance product hybrid Life health Option. The health Option can now be added to the insurance whole life payable in 20 years, a very popular option among councillors.
Advance depending on the severity
Diagnostics for cancers non-fatal will be entitled to an advance of the amount of critical illness insurance, which will vary depending on the severity of the situation. «We cover all cancers in Canada,» says Ms. Tremblay. A first in the industry. When a cancer meets the criteria defined by the CLHIA, we will pay 100 % of the amount of critical illness insurance. For all others, we get a sum of 30 %, 15%, or 1 %, as the case may be. «
Ms. Tremblay explained that an advance of 30 % will be paid to the insured person receives a diagnosis of early breast cancer, but aggressive, with the possibility that it spreads to the surrounding tissues, to the point that the doctor recommends ablation. Ditto in the case of prostate cancer, early that grows in the same conditions.
In the situation where the cancer is at an early stage and non-aggressive, FSD will provide an advance of 15 %. It will be 1 % for all diagnoses of cancer that would not be part of our list, » adds the chief products. «It is often the case for cancers of the skin diagnosed by a dermatologist can remove the tumor without that, there are a result of the disease. «
The product of critical illness insurance for children Quiet New generation will become a Priority health — child. It will be offered up to the age of 25 years.
«It happened that a consultant meets with a family with children of 14, 16 and 20 years old, but the insurance coverage would end when the child reaches 18 years of age. We had to accommodate the counselors in these special situations. And as I have the impression that the children remain at home for longer, this change is all the more justified. «
Price increases mixed
Desjardins said to have minimized the price increases that results from the changes. The premium of the Option health will increase by 5 % in the versions with the payment limited. Some of the protections for children will increase by about $ 40 per year. «We have extended the protection of important way, but we didn’t want to change the pricing significantly. We are able to offer a product at substantially the same price, » said Ms. Tremblay.
DSF has been able to get there by modulating certain guarantees. For example, Priority health will pay 15 % in advance in cases of breast carcinoma in situ. If a client whose total coverage is $ 100,000, and that it receives this diagnosis, she will receive $ 15,000, and will remain insured for 85 000 $. She will receive this $ 85,000 in recurrence or in case of any other disease.
«The competitors will pay rather $ 100 000 in case of recidivism, and are thus found to have paid 115 % of the amount of insurance provided for in the contract. The fact that we have retained the form of the advance has allowed us to greatly expand the new product in relation to Peace, without causing excessive price increases. «According to Ms. Tremblay, the carcinoma in situ is cancer that motivates the most people to buy a product critical illness insurance.