Canadian insurtech firm introduces no-medical policy to cover risks associated with operations
Canada is now home to the world's first surgical accidental death insurance product.
Samos Insurance has created a first-of-its-kind accidental death insurance policy that covers planned surgical treatments including caesarean sections, joint replacement, heart surgery, and popular cancer diagnostic tests.
According to the company, more than a million operations are conducted in Canada every year. Because of the country’s world-class health-care system and outstanding medical care, the majority are safe and successful.
"But, as your doctors tell you before any planned surgery, every surgery and medical procedure involves some risk," CEO and Founder Eric Blondeel said. "And Samos Insurance offers peace of mind instead of 'what if?'"
Samos is a quick and cheap option that provides Canadians and their families with peace of mind at a time when they need it most. The product is already available in Ontario and will soon be accessible across Canada.
Samos Insurance does not require applicants to take a medical exam, and the policy is offered to people who may not be eligible for other types of insurance, including those who are excluded based on pre-existing medical conditions.
Like travel insurance or supplementary insurance when renting a car, Samos’ accidental surgical death insurance is based on a short-term, single-event need. It gives clients peace of mind knowing they’re protected in the worst-case situation.
Premiums for Samos Insurance are determined based on three factors: the risk associated with the operation being covered, the patient's age, and the amount of coverage desired.
The premium is solely determined by age and the treatment itself, with no regard for the doctor, facility, or prior medical history.
