What is SRP insurance?

Surgical Risk Protection insurance (SRP) covers accidental death during a covered medical procedure.

Insurance is a complex space with many products that cover different costs, risks and outcomes in our lives.  While we all intend to be adequately covered in case of unfortunate events, we often wait until something urgent reminds us of a risk to act. Samos created Surgical Risk Protection insurance (SRP) to give confidence to those faced with the uncertainty of surgery.

SRP insurance is most closely related to two other common insurance products: Term Life and Accidental Death & Dismemberment (AD&D).  SRP can complement these types of insurance or provide additional coverage for those who may not be able to obtain either Term Life or AD&D either due to pre-existing conditions or timeline constraints.  It is always critical to consult with financial and insurance professionals when it comes to your health and financial security.

We’ve put together a summary of the most common types of insurance products.

If you have any questions about Samos’ Surgical Risk Protection insurance, please email, or call us at 1-866-875-1999.

Surgical Risk Protection insurance (SRP)

  • What is it? Surgical Risk Protection (SRP) insurance covers accidental death for covered procedures or surgeries. SRP is purchased for a specific scheduled surgery, and pays out up to $200,000 to the beneficiary.
  • How does it work? Should you have an accidental death in a covered procedure, your beneficiary gets paid the benefit amount.
  • What’s typically excluded? Coverage is limited to elective surgeries currently covered and only covers accidental death, not dismemberment/injury due to surgery.

Life Insurance

  • What is it? Covers death due to both natural causes or accidents (within certain exclusions or time periods)
  • How does it work? A term or permanent life policy is signed (sometimes including a medical exam) and monthly premium payments are made till the maturity date or date of death
  • What’s typically excluded?  Dismemberment / disability and specific cases such as committing suicide within 2 years of getting the policy, for example. This varies between insurance policies & providers

Accidental Death & Dismemberment (AD&D) Insurance

  • How does it work? On demand policies covering accidental death that can either be standalone or additional coverage in case of unpredictable events
  • What’s typically excluded?  Typically doesn’t cover death due to medical treatment or surgery
  • What is it? Covers unexpected death or injury / dismemberment - not due to natural causes (eg: illness)

Health Insurance

  • What is it? Covers the cost of medical treatments (eg: dental, vision, prescription drugs, medical intervention)
  • How does it work? If you’re an Ontario resident or full time employee in the province, you’re automatically enrolled in OHIP or employer / group health benefits plans. You could also purchase separate individual health insurance  plans for medical treatment coverage
  • What’s typically excluded? Injury or death. Employers usually offer optional life, AD&D or critical illness policies employees can pay for themselves