SSQ Financial Group has introduced compassion insurance.
With the insurance, employees who feel the need to take time off work temporarily to care for a gravely ill loved one will receive compensation for lost wages.
“Until now, no insurer offered this type of product, and employees felt torn between the need to take care of a loved one and the guilt of having to take time off work,” says Carl Laflamme, senior vice-president of group insurance at SSQ.
This new product also enables insureds to parcel out their periods of financial assistance, giving them greater flexibility. As such, insureds can be completely devoted to helping their loved ones without putting their own physical and financial health in jeopardy, and they will be able to return to work as soon as possible.
By showing empathy in supporting employees in difficult situations, SSQ says employers that offer compassion insurance can help reduce psychological illnesses.
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