AVON, Conn.--(BUSINESS WIRE)--The majority of carriers surveyed in Eastbridge’s 2016 Voluntary Critical Illness Products Spotlight™ Report deem critical illness as an area of sales growth for their companies, with many of these carriers experiencing double-digit sales increases between 2014 and 2015. According to Eastbridge’s U.S. Voluntary/Worksite Sales Report, total critical illness sales were $490.58 million and accounted for almost seven percent of all voluntary sales in 2015. Voluntary critical illness continues to be in demand by both employers and employees, hence why the product line continues to show double-digit growth year after year. In a 2014 Eastbridge survey of employers, nearly one-third (26 percent) offer critical illness coverage to their employees.
The Spotlight™ Report helps carriers better understand the competitive landscape around today’s critical illness plans that are sold at the worksite. Following are a few findings from the report:
- Waiting periods for critical illness benefits are becoming less common, and those that have them often only do so for specific conditions.
- Most carriers still include a pre-existing condition exclusion, but some will allow the exclusion to be removed for an additional cost.
- Many carriers are trying to differentiate their critical illness products with flexible product structures and through competitive pricing, while others are expanding the breadth of conditions covered.
- Carriers see the need to simplify their critical illness products in the future in light of private exchanges but want to make sure they continue to meet the employees’ needs for more covered conditions.
The report includes data from 27 voluntary critical illness products of 20 carriers active in the market including: product structure and benefits, scope of coverage and portability, rates and commissions, underwriting and claims, competition and results and future trends.
The cost of the report is $3,000. More information, including a table of contents for the report, is available on Eastbridge’s website. To purchase the report, call the company at (860) 676-9633 or email firstname.lastname@example.org.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.