The world’s first surgical accidental death insurance4 min read
Providing peace of mind when you need it most
WATERLOO, ON, March 16, 2022 /CNW/ – The world’s first surgical accidental death insurance is now available in Canada.
Samos Insurance offers a first-of-its-kind accidental death insurance product that covers planned surgical procedures — such as scheduled caesarean sections, joint replacement, heart surgery and common cancer diagnostic procedures.
Now available in Ontario and soon-to-be across Canada, Samos is a convenient and affordable solution to provide Canadians and their families with peace of mind at a time when they need it most. Samos Insurance requires no medical exam and it’s available to patients who may not qualify for other insurance products (including those who are excluded for pre-existing medical conditions).
All it takes is five minutes to apply — just visit samosinsure.ca at least 48 hours ahead of admission and answer a few quick questions.
Samos Insurance is similar to travel insurance or the extra insurance you purchase when renting a car – it’s based on a brief interval, single event and provides extra assurance that you are covered for the worst-case scenario.
Typical policies cost less than most households pay for a monthly cell-phone bill: between $90 and $150. It offers up to $100,000 in benefits should a planned surgical procedure result in death.
The premium for Samos Insurance is based on three things: the risk related to the procedure being covered, the age of the patient, and the amount of coverage the patient desires. The individual doctor, hospital or your history as a patient have no bearing on your premium calculation – it’s entirely based on your age and the procedure itself.
Samos provides an additional layer of protection and assurance your family would be provided for.
More than a million surgeries are performed in Canada every year. Most are safe and successful thanks to our world-class health care system and excellent physician care.
“But, as your doctors tell you before any planned surgery, every surgery and medical procedure involves some risk,” says CEO and Founder Eric Blondeel. “And Samos Insurance offers peace of mind instead of ‘what if?'”
“At Samos, we aim to fill a gap in many Canadians’ insurance coverage or help top-up their existing policies,” Blondeel said. “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 is a fast-growing insurtech start-up formed by data, research and insurance professionals. We’ve developed a surgical risks model and built a product to cover elective surgical accidental death. We sell surgical accidental death insurance to individuals, through brokers and employer benefit plans. We offer an affordable, brief interval insurance product that provides peace of mind when Canadians need it most — so patients can focus on getting better instead of “what if.” Our product is backed by Berkley Insurance. It is based on a proprietary underwriting model for surgical risks designed to cover the gap of traditional accidental death policies.
Learn more: samosinsure.ca
Samos founder Eric Blondeel was gowned up and waiting on a gurney for surgery when he realized he didn’t have any life insurance at all. He had just left his job and was no longer covered by the group benefits of his previous company. He immediately started Googling – as one does – and realized that, of course, all surgeries carry risks. He had recently taken on a mortgage and started worrying about what would happen should the worst happen.
But getting life insurance shortly before a procedure, no matter how safe, just isn’t possible.
He wondered – why isn’t there an insurance product for accidental death during surgery? If you can buy travel insurance for a brief interval with so many variables, why not for something as regulated and statistically predictable as surgery?
Fortunately, Eric emerged from his surgery and recovered well – but the worry he had as he lay on that hospital bed stuck with him.
The idea for Samos Insurance was born. Eric teamed up with a health data veteran, Matt Eggertson, and insurance industry veteran Leon Punambolam, to crunch the numbers and develop a novel product. Now, in a world first – developed in Waterloo, Ontario – Samos Insurance is offering surgical accidental death insurance. It’s an affordable solution to provide brief interval procedure-based insurance coverage for Canadians who, like Eric, find themselves without sufficient or any coverage before a major or minor surgical procedure.
SOURCE Samos Insurance
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