Triple-S Vida enters Florida, Texas markets with life and cancer insurance
Triple-S Vida announced its entry into the Florida and Texas markets to offer its cancer and life insurance products and “position itself as an affordable and reliable option for consumers seeking economic protection against life’s events.”
“These two markets offer us access to broad Hispanic populations, as well as an introduction to other consumers. We’re entering these markets by offering our first diagnosis cancer insurance,” said Michael Báez, executive vice president of Triple-S Vida.
Báez explained that both Florida and Texas are states in which cancer is one of the leading causes of death, and diagnoses are continually increasing. He stated that one death from cancer and three new diagnoses occur every minute in the United States, according to data from the American Cancer Society.
The markets represent “immense potential” for the company. Citing U.S. Census Bureau data, Báez said the Hispanic population in Texas is estimated at 11.5 million and 6.5 million in Florida.
“Our goal now is to get to know the market and how it behaves. Although our interest is to be able to serve all the residents of both states, there is no doubt that the Hispanic population will be our spearhead and offers us a great opportunity,” he said.
The disease’s impact is “compounded by the financial impact, putting cancer patients at more than double the risk of having to declare bankruptcy than a healthy person, he said.
“Even when you have the protection of health insurance, when faced with a cancer diagnosis, you will also need financial protection to compensate for the reduction or loss of income, and to pay deductibles and other expenses that are not directly related to the treatment,” he said.
Báez also noted that this first diagnosis policy could help policyholders cover high deductibles before their health plan starts to pay.
The cancer insurance the company will be marketing initially in Texas and Florida, with options starting at $15, pays benefits directly to the policyholder at the time of a first cancer diagnosis. Customers may also add other benefits such as compensation for organ transplants, accidental death, and hospitalizations for covered illnesses, Báez explained.
Triple-S will enter the markets in collaboration with 4 Ever Life Insurance.
“Although we definitely want to be an option that speaks their language and knows their culture, we’re interested in introducing ourselves to a wide group of consumers with our expertise in this insurance segment and our financial strength,” he said.
“In addition, we have the technology and experience to bring our products safely to our customers through the web and telephone with licensed agents,” Báez said.