MONTREAL, April 20, 2006 – Richard Fahey, Quebec Vice-President, Canadian Federation of Independent Business, and Claude Leblanc, Vice-President, Market Development, Group Benefits at Sun Life Financial, are pleased to announce the launch of two new group insurance products designed especially for self-employed workers and owners/operators of small- and medium-sized businesses. “For a long time now, entrepreneurs have wanted simple, comprehensive and reasonably-priced group insurance products. We are very happy to meet their needs and enable small business owners and their employees to have appropriate insurance coverage,” stated Mr. Fahey.
According to Mr. Leblanc, “The CFIB, Sun Advantage Plus and CFIB, Sun Advantage Solo products offer better coverage, lower premiums and enhanced accessibility. The exclusive partnership with CFIB will greatly benefit CFIB members and will directly address the needs of this particular market”.
CFIB, Sun Advantage Plus
The vast majority of SMEs in Quebec, who are often left out when it comes to group insurance, will now have access to the kind of quality insurance plan that is generally available only to large corporations. The first of the new plans, CFIB, Sun Advantage Plus, is intended for businesses with three or more employees (or three co-owners). Each participating member will enjoy recurring premium reductions, regardless of the size of the business. It will have its own contract, its own renewal date, and coverage that is customized to meet the unique needs of its business.
CFIB, Sun Advantage Solo
A product which has no equivalent on the market today, CFIB, Sun Advantage Solo is the first insurance program designed for microbusinesses and self-employed workers. Members who opt for this plan will have access to a comprehensive insurance program similar to what is generally available only to larger companies.
“We are aware of the fact that many self-employed workers want more in the way of benefits, so CFIB, backed by over 105,000 members, decided to put its economic clout to work for those who are self-employed. We feel confident that this plan represents an excellent way to meet the insurance needs of self-employed workers in Quebec,” noted Mr. Fahey. “Better still, the plan will grow with the business, and the business owner will be able to make a group insurance plan available to the company’s employees,” he added. Participating members will have access to bilingual customer service and support, as well as a personalized, interactive web site.
In addition to the partnership with Sun Life Financial, CFIB has joined forces with the firm Nexim Canada, which acted as master broker in the development of the new products. It will be responsible for the certification of member brokers in all regions of Quebec who are licensed as representatives in group insurance. These representatives have been invited to acquire the necessary certification and thus become member brokers authorized to sell the program. CFIB staff will handle promotion of the products to its members and to non-members.
These products will be available effective May 1, 2006.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection 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, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2005, the Sun Life Financial group of companies had total assets under management of US$332 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
The Canadian Federation of Independent Business (CFIB) is the employer association which represents the interests of small- and medium-sized businesses. By taking action with governments and municipalities, CFIB helps SMEs to prosper economically, which in turn benefits all Quebec citizens. A non-profit association whose members are active in all areas of business and industry throughout Quebec, CFIB is non-partisan and is funded solely through membership fees.