A relatively new insurtech start-up is now offering what it calls “the world’s first surgical accidental death insurance” in Canada.
Samos Insurance’s accidental death insurance product covers up to $150,000 in benefits for planned surgical procedures, such as scheduled caesarean sections, joint replacement, heart surgery and common cancer diagnostic procedures. No prior medical exams are required for the coverage, and it is available to patients who may not qualify for other insurance products – or those who have been excluded from coverage due to pre-existing medical conditions.
According to Samos founder and CEO Eric Blondeel, over a million surgeries are performed in Canada every year; most of which are safe and successful.
"But, as your doctors tell you before any planned surgery, every surgery and medical procedure involves some risk," Blondeel prefaced. "And Samos Insurance offers peace of mind instead of 'what if?’"
Individuals only have to visit Samos Insurance’s website at least 48 hours ahead of admission to apply for the insurance. It will also be made available as a supplement to employer benefit plans. The new offering is currently available in Ontario, and Samos has stated in a release that it plans to eventually roll the product out nationwide.
"At Samos, we aim to fill a gap in many Canadians' insurance coverage or help top-up their existing policies," said Blondeel. Surveys show many Canadians worry their families could not pay rent, mortgage or other bills if they suddenly passed away. About one-third of Canadians have no life insurance at all. About half of Canadians benefit from group life insurance coverage but have no additional coverage – meaning they often have less than they need."
Samos Insurance’s product is backed by Berkley Insurance, based on a “proprietary underwriting model” for surgical risks designed to cover gaps in traditional accidental death policies.
