Critical illness insurance is the top voluntary product to watch—at least according to carriers.
In a survey conducted by Eastbridge Consulting Group, carriers selected critical illness as the industry’s top growth product over the next two to three years.
Accident and universal life/whole life insurance were tied for second on the industry growth product list. “The Frontline Report, Worksite/Voluntary Product Trends 2012,” is published every other year by Eastbridge Consulting Group.
“Critical illness has been on the industry growth list every year for many years,” says Gil Lowerre, Eastbridge president. “This year, however, a much larger percentage (78 percent) selected critical illness as one of the top growth products.”
In 2011, critical illness sales were up 20 percent, for a total of $243 million in sales. Rounding out the top five growth products for the industry after critical illness, accident, and UL/WL were supplemental medical/gap coverage and hospital indemnity insurance.
“Over the past few years, we have seen a great deal of similarity with the products carriers see as growth products for the overall industry and their company,” adds Bonnie Brazzell, Eastbridge vice president.