Cost: $2,500; published 2009
Despite the publicity of critical illness products, cancer products remain a top seller in the voluntary market. Producers who grew up on cancer products continue to sell it (even if they are also selling critical illness). Some carriers have attempted to eliminate their cancer products when they have added a critical illness plan only to find they have to go back and create a new cancer plan or at least a cancer-only option for their critical illness product.
Eastbridge’s Spotlight™ report, Worksite Cancer Products—2009, examines the current state of cancer products in the voluntary market. Specifically, the report takes a close look at the voluntary cancer products of 10 carriers. For each company, we report:
The data is designed to help insurance carriers better understand how their cancer product “stacks up” relative to the competition and whether they need to refine and/or enhance their product to keep pace with the market.
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Methodology
2. Market Overview and General Carrier Information
A. Annual Voluntary Cancer Sales
B. Top Carriers
1. Cancer Sales for 2008
C. Length of Time in Market
D. Last Update
E. Results
1. Loss Ratios
2. Persistency
3. Buyer Demographics
4. Profitability
F. Cancer and Critical Illness Products
G. Future of Critical Illness and Cancer
H. Concerns about Cancer Product
I. Trends
J. Future Sales
3. Product Details
A. Platform
B. Plan Type
C. Benefits
1. Hospital Confinement
2. Private Nursing
3. Blood, Plasma, Platelets
4. Radiation/Chemotherapy
5. Bone Marrow or Stem Cell Transplant
6. Surgery
7. Anesthesia
8. Ambulance
9. Transportation
10. Lodging
11. Anti-Nausea Drug
12. Inpatient Drugs and Medicines
13. Second Medical Opinion
14. Prosthesis, Wigs, Hairpieces
15. Waiver of Premium
16. Screening/Wellness
17. Initial Diagnosis
18. Experimental Treatment
19. Extended, Skilled, Hospice, and Home-Health Care
20. Other Benefits
21. Riders
22. Differentiating Features
D. Product Features
1. Number of Plans Allowed
2. Waiting Period
3. Benefit Reductions
4. Pre-Existing Conditions
E. Underwriting
1. Issue Ages
2. Guaranteed Issue Underwriting
3. Simplified Issue Underwriting
F. Costs
1. Premium Structure
2. Typical Premium
G. Commissions
1. Commissions