Worksite Critical Illness Products—2007
Over the past five plus years, critical illness sales have
increased from an estimated $20-$25 million (in 2000) to about
$159 million (in 2006). While the increase is impressive, the
product still represents only a small percentage— around three to four
percent— of total worksite sales. Some carriers have responded
by introducing group critical illness products while others have
added “new or different” features to their plans
rather than simply adding to the long list of covered conditions.
Eastbridge Consulting Group’s latest report, Worksite
Critical Illness Products—2007, examines the current state
of the critical illness market and identifies the market’s
top players and competitors. The report also takes a close look
at the voluntary critical illness products of 17 carriers. [Note:
This report updates Eastbridge’s 2000 and 2005 reports
on the same topic.]
The first two sections of the report overview the current state
of the critical illness market and provide general information
on each carriers’ results, competitors, persistency, penetration,
products success factors, etc. The final section looks, in detail,
at the critical illness products/processes of the 17 carriers
surveyed including:
- Product structure and benefits
- Underwriting parameters
- Pricing and costs
- Commissions
- Future outlook
- Concerns about product
The data is designed to help insurance carriers better understand
how their product “fares” against the competition
and whether or not they need to adjust their critical illness
offering to make it more competitive. [Note: In order to protect
the confidentiality of the carriers profiled, all data is reported
anonymously by assigning each carrier a random number.]
Order Info: The report is available for purchase
for just $2,500 ($1,500 for
those who bought the 2005 study). To order your copy, simply email us at info@eastbridge.com or
call (860) 676-9633. Published 2007.
Table
of Contents
1. Executive Summary
A. Report Objectives
B. Report Structure
C. Key Findings
D. Recommendations
E. Methodology
2. Market Overview and General Carrier
Information
A. Annual Voluntary Critical Illness Sales
B. Top
Carriers
C. Competitors
D. Results
1. Length of Time Critical Illness Product
on Market
2. Penetration
3. Persistency and Retention
4. Demographics
5. Average Coverage Amount/Average
Premium
6. Loss Ratios and Claims Issues
3. Product Details
A. Product Type and Platform
B. Plan Specifics
1. Plan Structure
2. Covered Conditions
3. Partial Benefits
4. Additional Occurrence Benefit
5. Reoccurrence
Benefit
6. Return of Premium Benefit
7. Wellness Benefit
8. Other Services or Benefits
9. Minimum and Maximum
Benefit Amounts
10. Elimination/Waiting Period
11. Pre-existing
Condition Provision
12. Survival Period
13. Dependent Coverage
14. Portability
15. Benefit Reductions
16. Plan Termination
17. Differentiating Features
C. Underwriting
1. Issue Ages
2. Employee Eligibility
3. Guaranteed Issue Underwriting
4. Simplified Issue
Underwriting
5. Medical Questions
6. Height and Weight
7. Alcohol/Narcotics Question
8. Lab Test/MIB/APS
9. Family History Questions
10. Financial Underwriting
11. Other Coverage Questions
and Medical Insurance
12. Full Underwriting
13. Underwriting for Spouse
and Children
D. Costs
1. Premium Structure
2. Tobacco/Non-Tobacco Rates
3. Renewal Rates
4. Rate Comparisons
E. Commissions
F. Future vision for This Product
1. Future of Critical
Illness
2. Changes Anticipated
3. Concerns About Product
|
