DETROIT, Nov. 19, 2014–Blue Cross Blue Shield of Michigan has signed agreements with Assurity Life Insurance Company and LifeSecure Insurance so that a full portfolio of individual supplemental insurance products can be made available alongside BCBSM medical, dental and vision offerings to consumers beginning January 2015.
Assurity’s individual insurance options in the portfolio are simplified critical illness, simplified disability income and term life. LifeSecure’s individual products are individual hospital recovery, personal accident and long-term care.
This new arrangement aligns three organizations with significant product expertise to provide a flexible and affordable portfolio of supplemental individual products alongside medical, dental and vision plans to meet the diverse needs of consumers.
“We are excited about working with a leading health insurance company like Blue Cross Blue Shield of Michigan as health coverage is an extremely important component of providing financial protection to a family. Our supplemental products bring that protection to the next level,” said Todd Reimers, CLU, LLIF, Assurity’s senior vice president, chief marketing officer.
“The arrangement enables us to showcase what we do best—offering easy to understand, flexible and affordable insurance solutions,” said Kevin Stutler, BCBSM vice president, Enterprise Ancillary Business. “These products help families protect health and income, cover the unexpected and prepare for the future and they reflect that individuals are playing a larger role in the selection and funding of their benefits.”
“This arrangement is another example of how we are committed to collaborating to bring together a suite of market solutions that protect families and their assets as well as continue our company growth,” said Tiffany Albert, LifeSecure president and CEO.
Assurity’s critical illness insurance pays a lump sum benefit when an insured individual or family member is diagnosed with a covered illness or undergoes a covered procedure. It has a simplified application and processes. Disability income insurance, also simplified, is an individual, guaranteed renewable (to age 67; conditionally to age 70) policy that provides benefits if an insured person is disabled and cannot work. The company’s NonMed Term Life Insurance can help insured individuals financially protect those who rely on them, in the event of a premature death. The policy’s cash benefit can help pay a family’s mortgage and other expenses.