WELLESLEY, Mass.--(BUSINESS WIRE)-- The Employee Benefits Group division of the U.S. business group of Sun Life Financial, Inc. (NYSE:SLF, TSX:SLF) today announced the launch of a Malpractice Insurance Reimbursement rider—a first in the employee benefits industry. The optional rider offers Physician Group Long-Term Disability customers reimbursement of their malpractice insurance premium payments while they are out of work on long-term disability.
Physicians and dentists face additional financial pressure while on long-term disability, since they must continue to pay malpractice insurance premiums as a necessary business expense, according to MGIS, a leading national medical group administrator that provides administration services for all of Sun Life’s Physician Group products.
“There are about 600,000 physicians in the U.S. who practice in medical groups and need malpractice insurance,” said Jeff Brunken, President, The MGIS Companies, Inc. “Physicians pay, on average, $15,000 a year for malpractice insurance. This rider will provide significant help during a difficult time.”
Sun Life’s Malpractice Insurance Reimbursement rider will provide reimbursement of up to $25,000 of malpractice insurance premium payments due and paid during a 12-month period of approved disability.
“As an innovator in the group benefits industry, we are excited to create a solution that provides medical practices, doctors, and dentists with the ability to protect more of their income,” said Michael E. Shunney, Senior Vice President and General Manager of Sun Life’s Employee Benefits Group.
Sun Life Financial offers a full range of specialized group products to physician and dentist employer groups, including Physician Group Long-Term Disability, Short-Term Disability, and Life and Accidental Death and Dismemberment. For more information about Sun Life Financial Employee Benefits Group prodcuts, please visit the EBG section of www.sunlife.com/us
Group insurance policies are underwritten by Sun Life Assurance Company of Canada (Wellesley Hills, MA) in all states, except New York, under Policy Form Series 93P-LH, 98P-ADD, 02-SL, 07-SL, and 01C-LH-PT. In New York, group insurance policies are underwritten by Sun Life Insurance and Annuity Company of New York (New York, NY) under Policy Form Series 93P-LH-NY, 02P-NYSTD, 98P-ADD-NY, 02-NYSL, 07-NYSL, and 01NYC-LH-PT. The disability policies provide disability income insurance only. They do NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Insurance Department. Administration for physician products is provided by Medical Group Insurance Services, Inc. (MGIS) in all states, except as follows: in CA by MGIS Insurance Agency, Inc.; in NY by MGIS Insurance Agency; in NC by Insurance Administration, Inc. d/b/a MGIS NC. Product offerings may not be available in all states and may vary depending on state laws and regulations.
About the U.S. Employee Benefits Group Division of Sun Life Financial
The Employee Benefits Group division (EBG) of Sun Life Financial offers Group Life, Disability, Dental, and Medical Stop-Loss insurance through 170 group insurance sales representatives in 34 major U.S. cities. As of December 31, 2010, EBG had approximately 35,000 policyholders and more than $2 billion of business in-force, covering approximately 12 million lives.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2011, the Sun Life Financial group of companies had total assets under management of U.S. $484 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
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