Most of those who purchase critical illness insurance do so when they are not facing a critical illness and have no "plans" to have one. It's only when someone is diagnosed and begins to move through a critical illness that they find out whether their insurance actually meets their needs. And many say they'd like to see their coverage provide more than what they're getting.
That's what Trustmark Voluntary Benefits Solutions found when it surveyed consumers nationwide.
"We wanted to hear from people who have either dealt with a critical illness or who provided caregiving for someone with a critical illness," said Dan Johnson, Trustmark vice president of sales and marketing. "What did they really want out of their policy?"
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Trustmark initially conducted research into current industry claims trends. It found, for instance, that a third of CI claims were denied, which may have been generated by early stage diagnoses not triggering a benefit. Current policies typically cover late stage illness.
Trustmark then surveyed nearly 2,000 individuals paying close attention to those diagnosed with critical illness coverage, or who provided care to such individuals. The company heard loud and clear that what consumers wanted was not in the current CI policies on the market. Feedback indicated consumers wanted the following as part of their plan:
- Early stage diagnosis benefit;
- Help with access to a medical expert who could assist them;
- Lifetime CI policy with multiple benefits that was not "only centered on being ill;"
- Transparency in the policy about what conditions qualify for coverage and whether sufficient time has passed to collect a benefit;
- A benefit covering previously diagnosed conditions;
- Stable premiums over the policy's term.
"Sometimes change is hard, but most of the time, it's needed," said Julie Pohjola, Trustmark's assistant vice president of product management, referring to the gaps between current standard CI policies and what consumers expect from a CI policy. The research, she said, "basically went against the market. It's not what you would ever see in a typical CI plan … Yet, it is exactly what the consumer would purchase."
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
