Continued growth expected for voluntary critical illness products, finds Eastbridge Consulting Group

AVON, CONNECTICUT, USA (October 24, 2019)

While the majority of carriers surveyed in Eastbridge’s 2019 Voluntary Critical Illness Products Spotlightâ„¢ 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 Spotlightâ„¢ 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: 

  • Flexible product structure and customization capabilities are key to being competitive in the critical illness market.
  • More carriers are offering partial benefits to expand coverage options and benefit triggers while managing costs and risk.
  • Carriers believe the demand to cover more conditions like progressive diseases, heart procedures and surgeries, and to add more value-added services to support patients and their families, will continue in the future.

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 Spotlightâ„¢ Report

The cost of the report is $3,000. To purchase, call (860) 676-9633 or email us at info@eastbridge.com.

Report Summary

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.


 

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