Latest Eastbridge study shows growing focus on voluntary critical illness insurance
Carriers make continual improvements to meet increasing market demand
Eastbridge's "Voluntary Critical Illness Products" Spotlight™ Report shows more than two-thirds of carriers have revised their plans in the last two years, and the majority say they'll continue updating their products every three to five years to stay competitive. Critical illness sales have grown an average of 12% in each of the last three years, including double-digit increases for most carriers.
"Flexible product structure and benefit customization continue to be keys to staying competitive in the critical illness market," said
The "Voluntary Critical Illness Products" Spotlight™ Report compiles data collected in August and
Other key findings in the report include:
- Group critical illness plans dominate the worksite market. The majority of carriers surveyed offer only a group product, while just two carriers offer both group and individual plans.
- Slightly more than half the plans profiled in the report provide coverage for chronic conditions, but fewer than half cover mental illness conditions.
- Wellness or health screenings are the most common additional benefit or rider carriers offer on their critical illness plans.
Read more about the "Voluntary Critical Illness Products" Spotlight™ Report and how to obtain a copy on Eastbridge's website or email [email protected].
About Eastbridge Consulting Group
Eastbridge Consulting Group
, part of NMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in
CONTACT:
EMAIL: [email protected]
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SOURCE Eastbridge Consulting Group
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