News Details

New income assistance insurance product provides peace of mind to employers and employees if an employee is diagnosed with cancer.

LONDON--(BUSINESS WIRE)-- ACE Group today announced the launch of ACE CANCER CARE, an insurance product designed to help cover day to day living expenses of individuals that are diagnosed with cancer.

ACE CANCER CARE has been developed to meet the evolving needs of UK employees and employers for comprehensive employee benefit solutions. At a time when statistics show that every two minutes someone in the UK is diagnosed with cancer¹, ACE CANCER CARE can give policyholders the certainty of having help towards being able to cover their financial commitments in case they are diagnosed with cancer.

The product can be tailored to suit the needs of individual employees, with a choice of different cover levels. Employees have also the option to include their spouses or partners in the policy meaning that both parties can feel reassured that if the worse were to happen they would be supported financially.

Key benefits of ACE CANCER CARE include:

• Provides a cash sum payment and monthly benefit for up to 12 months if an individual is first diagnosed as suffering from cancer whilst their policy is in force
• Additional cash benefits payable if an individual is hospitalised for treatment or surgery relating to cancer
• All benefit payments are tax free and paid directly to an employee’s bank account
• Money can be spent as the individual chooses. It could be used for anything from mortgage, rent or household bills through to a holiday to recover from illness
• Access to Best Doctors^®, a service which allows individuals to consult leading medical experts all round the world to get their opinion about any diagnosis not just a cancer diagnosis and the treatment options available.

Employers can cover ACE CANCER CARE costs for all their staff through an employer paid group scheme. Alternatively, they have the option of offering the policy to their staff as an employee paid product which the employee would pay for through payroll or direct debit. By offering a number of payment options ACE can adjust to the needs of the client and ensure that the best possible service is provided to both the employer and the employee.

ACE CANCER CARE is offered to employees through Workplace Benefits from ACE which specialises in face to face meetings with clients and employees. ACE will offer employees of organisations the opportunity to learn about ACE CANCER CARE in their workplace saving time for both them and their employers. ACE CANCER CARE can be purchased directly from ACE following a meeting with a company representative.

Andrew Taylor, Chief Operating Officer for Workplace Benefits at ACE, said:

“With the latest research showing that one in two people will be affected by Cancer in their lifetime² there is no denying that this product has been developed to meet a huge need in the market. At ACE we hope we can help to improve staff engagement and give them peace of mind that if they were to be ill, they would have financial support”

1) “All Cancers Combined” – Cancer Research February 2015

2) Cancer Research UK February 2015

-ENDS-

Cancer Care is an insurance policy underwritten by ACE European Group Limited (Registered in England & Wales No 01112892, Registered Office ACE Building, 100 Leadenhall Street, London EC3A 3BP). ACE European Group Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

ABOUT ACE GROUP

ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE:ACE) and is a component of the S&P 500 index.

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Source: ACE Group