Sun Life Financial launches first innovative solution designed to help protect against cancer costs

  Sun Life Financial launches first innovative solution designed to help
  protect against cancer costs

   A leading stop-loss insurance carrier now offers self-insured employers
           additional protection against catastrophic cancer claims

   Provides incentive for self-insured employers to make voluntary benefits
                         available to their employees

Business Wire

WELLESLEY, Mass. -- September 24, 2013

The U.S. business group of Sun Life Financial Inc. (NYSE:SLF)(TSX:SLF)
announced today a way for employers to better protect themselves and their
employees against the costs of cancer. The new Stop-Loss Cancer rider provides
an enhanced benefit for Sun Life’s self-insured Stop-Loss customers who both
qualify for reimbursement for a catastrophic claim due to cancer and also
offer their employees a Sun Life voluntary cancer benefit.^1 By linking
employer and employee protection together, Sun Life aims to address more of
the impact caused by cancer.

According to Sun Life research, costs related to cancer can be significant
issues for employers and employees, making it a difficult challenge that
millions face every year. Some key findings from Sun Life’s research are:

  *Cancer is the number one catastrophic claims condition, accounting for 25%
    of all Sun Life’s Stop-Loss claims reimbursements.^2
  *Workers with health insurance who experienced cancer paid average total
    out-of-pocket costs of more than $6,000.^3
  *Loss of income further increased the financial burden of a critical
    illness, with one-third of workers who experienced a critical illness
    reporting a workplace absence of four months or longer.^3

“Our Stop-Loss Cancer rider offers qualifying employers an additional benefit
for catastrophic claims, to provide added financial protection against an
illness that has become increasingly prevalent and expensive,” said Scott
Beliveau, Stop-Loss Vice President for Sun Life. “Sun Life is focused on
providing innovative solutions and new ways to protect our customers. We are
the only carrier who currently offers this benefit to employers while also
providing a separate, optional cancer coverage for their employees. At Sun
Life, we are helping both employees and employers manage the financial
implications of cancer.”

Sun Life offers the following products designed to provide financial
protection against cancer for employers, employees, and their dependents:

  *Sun Life Stop-Loss and Stop-Loss Cancer rider with
  *Sun Life Cancer insurance, or
  *Sun Life Critical Illness and Cancer insurance together

“Sun Life is committed to identifying new health care trends that help us
develop innovative ways to protect our Stop-Loss customers and their employees
from financial loss,” said Bob Klein, Sun Life’s Senior Vice President for
Voluntary and Multiline. “The American Cancer Society estimates that over 1.6
million new cancer cases will be diagnosed this year alone. As cancer affects
more and more lives every year, Sun Life is proud to offer solutions that help
protect employers and their employees against serious financial loss.”

The Sun Life Stop-Loss Cancer rider will provide qualifying employers with a
stop-loss deductible reduction up to $10,000, depending on the size of the
deductible, when Sun Life reimburses an employer for a catastrophic claim
associated with cancer. Sun Life’s Critical Illness policies provide covered
employees with a lump sum payment ranging from $5,000 to $50,000, depending on
coverage levels, upon diagnosis of a covered condition.

Sun Life's critical illness and cancer products are not available in all
states. Benefits sales professionals should call theirSun Life group
representative for more information. For more information, please visit
www.sunlife.com/us.

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 individual and corporate customers. Sun Life Financial and its
partners today have operations in key markets worldwide, including the United
States, Canada, the United Kingdom, Ireland, Hong Kong, the Philippines,
Japan, Indonesia, India, China, and Bermuda. Sun Life Financial Inc. trades on
the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under
the ticker symbol SLF.

In the United States and elsewhere, insurance products are offered by members
of the Sun Life Financial group that are insurance companies. Sun Life
Financial Inc., the holding company for the Sun Life Financial group of
companies, is a public company. It is not an insurance company and does not
offer insurance products for sale in the United States or elsewhere, and does
not guarantee the obligations of its insurance company subsidiaries. In the
United States, Sun Life Financial provides a range of products and services to
employers and their employees. In the United States, Sun Life Financial
provides a range of products and services to employers and their employees,
including Group and Voluntary Life, Disability, Dental, Critical Illness,
Accident, and Stop-Loss insurance products.

For self-funded employers, Sun Life provides a Stop-Loss product suite
designed to meet customer needs including value-added services such as
SunElite^®, SunResources^®, SunExcel^®, and Sightlines^TM Medical
Intelligence.

For more information, please visit www.sunlife.com/us.

^1 The Stop-Loss Cancer rider is available to U.S. employers that have active
Stop-Loss coverage with Sun Life and have either the group insurance critical
illness/cancer policy or the cancer-only policy in force with Sun Life. These
coverages are available at no additional cost to the employer.
^2 Sun Life Financial’s “Leading Catastrophic Claims Conditions” report
presents an analysis of Stop-Loss catastrophic claims spanning from 2008 to
2011 from Sun Life Stop-Loss policyholders located across the U.S. with up to
25,000 employees. [May 2013]
^3 Sun Life Financial’s “Well-Placed Fears: Workers’ Perceptions of Critical
Illness” white paper was based on responses from over 4,000 U.S. workers about
the potential costs of a critical illness. [July 2013]

SLPC 25321 9/13 (exp. 9/18)

Contact:

Sun Life Financial
Tim Stone, 781-416-2185
tim.stone@sunlife.com
 
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