Aetna Inc. has signed a strategic partnership that will allow the Hartford health insurer to sell benefit plans from Allstate Corp., which cover out-of-pocket health care expenses members may face as a result of serious injury or a major illness.
Under the agreement announced Tuesday, Aetna said that it expects to offer Allstate Benefits’ voluntary critical illness plans and accident plans starting in the third quarter.
Financial terms of the deal were not disclosed.
Allstate’s critical illness plan pays benefits directly to members diagnosed with a major illness, including heart attack, stroke and cancer.
The accident plan pays benefits directly to members for death, dismemberment or injury caused by a covered accident on or off the job.
Individuals who could lose income from missing work and may need additional financial support can use their benefits to pay for everyday expenses, such as rent or mortgage payments, daycare or utility bills.
Illinois-based Allstate is the country’s largest publicly held personal lines insurer.
