Voluntary Critical Illness Products—2010
New voluntary/worksite critical illness sales for 2009 are estimated to be about $225 million. Sales for the past two years have increased significantly for the first time in several years, and the line has doubled since 2007. Despite this positive trend, critical illness sales account for a small percentage of the voluntary industry’s overall sales—about four percent. Cancer sales still outpace critical illness sales, but the “gap” has narrowed from a margin of three to one to now just two to one.
Eastbridge’s spotlight report, Voluntary Critical Illness Products, gives an overview of the current critical illness market, including top players and competitors, and takes a close look at the voluntary critical illness products of 17 carriers. For each carrier, we report:
- Results
- Buyer demographics
- Product structure and benefits
- Underwriting guidelines
- Commissions
- Rates
The data is designed to help insurance carriers better understand how competitive their critical illness product is compared to others in the market.
Order Info: The cost of the report is $3,000. To purchase the report, call us at
(860) 676-9633 or email info@eastbridge.com.Published 2010.
Table
of Contents
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Recommendations
D. Methodology
2. Market Overview and General Carrier
Information
A. Annual Voluntary Critical Illness Sales
B. Competition
C. Results
1. Sales (2009)
2. Time in the Market
3. Penetration
4. Demographics of Buyers
5. Average Amount of Coverage Sold
6. Average Premium
7. Persistency/Lapse Rates
8. Loss Ratios
9. Anti-Selection
10. Claims Problems
3. Carrier Findings
A. Product Structure and Benefits
1.Platform
2. Benefit Type
3. Covered Conditions
4. Partial Benefits
5. Minimum/Maximum Amounts
6. Elimination or Waiting Periods
7. Pre-Existing Conditions
8. Wellness Benefits
9. Additional Occurrence Benefit
10. Reoccurrence Benefit
11. Return of Premium Benefit
12. Other Benefits or Riders
13. Differentiation
14. Dependent Coverage
15. Standalone Coverage for Family Members
16. Portability
17. Benefit Reductions
18. Plan Termination
B. Underwriting
1. Employee Eligibility
2. Types of Underwriting
3. Guaranteed Issue
4. Simplified Issue—General Guidelines
5. Simplified Issue—Medical Underwriting
6. Simplified Issue—Other Medical-Related Questions
7. Simplified Issue—MIBs and APS
8. Simplified Issue—Other Questions
9. Full Underwriting
10. Spouse and Child Underwriting
C. Commissions
D. Rates
1. Rate Structure
2. Tobacco/Non-tobacco Rates
3. Rate Changes
4. Premium Rate Guarantees
5. Premium Rate Comparisons
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