Blue Cross Blue Shield of Michigan announces expanded portfolio of supplemental insurance products through arrangements with Assurity Life Insurance and LifeSecure Insurance

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Nov 19, 2014, 02:00 ET

DETROIT, Nov. 19, 2014 /PRNewswire/ -- Blue Cross Blue Shield of Michigan has signed agreements with Assurity Life Insurance Company and LifeSecure Insurance so that a full portfolio of individual supplemental insurance products can be made available alongside BCBSM medical, dental and vision offerings to consumers beginning January 2015.

Assurity's individual insurance options in the portfolio are simplified critical illness, simplified disability income and term life. LifeSecure's individual products are individual hospital recovery, personal accident and long-term care.

This new arrangement aligns three organizations with significant product expertise to provide a flexible and affordable portfolio of supplemental individual products alongside medical, dental and vision plans to meet the diverse needs of consumers.

"We are excited about working with a leading health insurance company like Blue Cross Blue Shield of Michigan as health coverage is an extremely important component of providing financial protection to a family. Our supplemental products bring that protection to the next level," said Todd Reimers, CLU, LLIF, Assurity's senior vice president, chief marketing officer.

"The arrangement enables us to showcase what we do best—offering easy to understand, flexible and affordable insurance solutions," said Kevin Stutler, BCBSM vice president, Enterprise Ancillary Business. "These products help families protect health and income, cover the unexpected and prepare for the future and they reflect that individuals are playing a larger role in the selection and funding of their benefits."

"This arrangement is another example of how we are committed to collaborating to bring together a suite of market solutions that protect families and their assets as well as continue our company growth," said Tiffany Albert, LifeSecure president and CEO.

Assurity's critical illness insurance pays a lump sum benefit when an insured individual or family member is diagnosed with a covered illness or undergoes a covered procedure. It has a simplified application and processes. Disability income insurance, also simplified, is an individual, guaranteed renewable (to age 67; conditionally to age 70) policy that provides benefits if an insured person is disabled and cannot work. The company's NonMed Term Life Insurance can help insured individuals financially protect those who rely on them, in the event of a premature death. The policy's cash benefit can help pay a family's mortgage and other expenses.

About Blue Cross Blue Shield of Michigan

Blue Cross Blue Shield of Michigan, a nonprofit mutual insurance company, is an independent licensee of the Blue Cross and Blue Shield Association. BCBSM provides and administers health benefits to more than 4.4 million members residing in Michigan in addition to employees of Michigan-headquartered companies who reside outside the state. For more company information, visit bcbsm.com and MiBluesPerspectives.com.

About LifeSecure Insurance

Based in Brighton, Mich., LifeSecure Insurance Company is dedicated to its mission of delivering an exceptional insurance experience. The company offers long term care and other supplemental health insurance products. LifeSecure is licensed in 46 states and the District of Columbia Additional information is available at www.YourLifeSecure.com.

About Assurity Life Insurance

Assurity Life Insurance Company, headquartered in Lincoln, Neb., has a heritage of nearly 125 years. Its mission is "to help people through difficult times." Assurity offers a broad portfolio of individual disability income, critical illness and life insurance plans, annuities, plus a full line of voluntary worksite plans. Assurity specializes in providing innovative, customized financial protection-based solutions for individuals, families and businesses through a nationwide network of brokers.

LifeSecure is an independent company that does not provide Blue Cross Blue Shield of Michigan products or services. LifeSecure underwrites individual hospital recovery, personal accident and long-term care insurance and remains solely responsible for that coverage.

Assurity Life Insurance Company is an independent company that does not offer Blue Cross Blue Shield of Michigan products or services. Assurity underwrites the individual disability, term life and critical illness insurance that BCBSM offers and remains solely responsible for paying claims for that coverage.

SOURCE Blue Cross Blue Shield of Michigan