What Consumers Want in a Critical Illness Product

Patients are getting medical diagnoses at earlier stages than ever due to medical advances, better treatment, and the fact that more people understand the importance of preventive care and early detection. However, critical illness contracts don’t typically pay a benefit for earlier diagnoses, so those claims are not triggering a benefit and policyholders are not getting paid when they think they should, according to a study by Trustmark.
Carriers have added conditions to the list of what they cover, but it’s not as helpful as it sounds. Less than 12% of people are ever paid a benefit for these conditions while the added coverage increases the cost of their policy. Consumers say they want the following in a critical illness policy:
• A benefit for an early-stage diagnosis.
• Access to a medical expert or doctor for advice.
• A policy that lasts throughout their lifetime with multiple benefits, regardless of whether they get sick. They don’t want something that only centers on them being ill.
• Less confusion on what qualifies for a benefit and whether enough time has passed to pay a benefit
• A benefit even if they were previously diagnosed for a condition
• A commitment that their premiums will not change over the life of the policy.

For more information, visit www.trustmarksolutions.com.

Last Updated 10/21/2020

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