Worksite Cancer Products —2009

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 Products2009, 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:

  • Product features, including plan type, specific benefit amount,  available riders, etc.
  • Underwriting guidelines
  • Premium structure
  • Commissions

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.

View Table of Contents

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

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