While the majority of carriers surveyed in Eastbridge’s 2019 Voluntary Critical Illness Products Spotlight™ Report reported positive sales growth in 2018 compared to 2017 (with many experiencing double digit growth), most also anticipate 2019 sales to meet or exceed 2018 results. According to Eastbridge’s U.S. Voluntary/Worksite Sales Report, total critical illness sales were $754.9 million and accounted for almost 9% of all voluntary sales in 2018. Voluntary critical illness continues to be valued by brokers as a key offering for their clients. In Eastbridge’s 2019 report, Brokers and Voluntary Benefits: Optimism Amidst Change, both the benefit broker and voluntary broker segments ranked critical illness as one the top three-most frequently sold voluntary products.
The Spotlight™ Report helps carriers better understand the competitive landscape of today’s critical illness plans that are sold at the worksite. Following are a few findings from the report:
The report includes data from 37 voluntary critical illness products of 31 carriers active in the market including: product structure and benefits, scope of coverage and portability, rates and commissions, underwriting and claims, differentiators and results and future trends.
Voluntary Critical Illness Products, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.