Critical Illness

AACII: Males Have Higher Critical Illness Risk

A 25-year-old male non-smoker has a 24% chance of having a critical illness before reaching age 65 -- and a 25-year-old male smoker has a 49% chance of incurring such an illness, according to the American Association for Critical Illness Insurance.

Analysts at Milliman Inc., Seattle, included those figures in a national critical illness risk assessment study prepared for the AALTCI, Westlake Village, Calif.

A Novel CI Sales Approach?

Hank George, FALU, CLU, FLMI

 

While we underwriters do not get directly involved in the sales process for the most part, there are likely some advantages to accrue to us if we suggest some “angles,” if you will, that help our producers make the value of CI policy ownership clear to prospective customers.

This is one approach that I think has merit, especially in the USA.

A friend from abroad said to me a few years ago that critical illness insurance would not be much of a seller in the US market.

CI Cover for Children in Different Parts of the World - from Individual Policy to Automatic Inclusion

From the March 2009 issue of Gen Re's Risk Insights.

The Future Burden of Heart Attack - How Changes inDiagnostic Criteria Affect the Number of Claims Under Critical Illness

From the March 2009 issue of Gen Re's Risk Insights.

Standardised Critical Illness Definitions in South Africa (Gen Re: Risk Matters)

The UK insurance industry developed its first set of standardised critical illness definitions in 1999. This article describes the approach taken by the South African insurance industry when it recently developed its first set of standardised definitions.

Children's Critical Illness (Gen Re: Risk Matters)

Explores the difficulties in analysing and handling Child CI claims and look at how providers generally manage their risks via benefit design.

Hard Graft

In the following article Hannover Life Re highlights results from one recent large medical study and outline their implications for coronary heart disease treatment options. In particular, the article considers how this type of medical information can inform decision-making on definitions and scope of cover for critical illness benefits.

A Critical Word

Karin Lloyd
Strategic and Technical Claims Consultant
London, UK

 

What do a young woman in Hong Kong, an American wrestling with medical expenses not covered under health insurance, a middle-aged South African man and a couple buying their first house in the UK have in common?

Sorry to disappoint but this is not the start of a naughty joke – in fact, they are all the target market of insurance cover generically known as Critical Illness.

The precise products aimed at each group may vary enormously and Critical Illness is highly sensitive to the context in which it is being sold, but all of the products in this range share some common issues that anyone selling and managing CI products needs to be aware of. Three of these issues are discussed below, with a look at how they are dealt with in various markets.

Why CI? : The Potential of Critical Illness Coverage

By Hank George, CLU, FLMI, FALU
LIMRA’s MarketFacts Quarterly
Summer 2003

 

I would like to be able to recount to you how a beautiful lady, in a streaming white gown, floated over this underwriter’s bed one evening and said, “build it and they will come” (or something to that effect).

Alas, it was words of inspiration from eminent consulting actuary Jack Bragg in an essay in The National Underwriter (September, 2000) that jumpstarted my awareness of the incredible and — as yet overwhelmingly untapped — potential of critical illness (CI) insurance in our marketplace.

Why CII

Hank George FALU, CLU, FLMI
Broker World, August 2002

 

“How many of you know what critical illness insurance is?” A scattering of hands, slowly ascending, as if to say,

“Well, maybe…a little.”

My next question, “What would you say if I told you it was destined for stardom? To be America’s next big insurance product?” A wall of silence, less disconcerting only for the generalized non-defensive body language! Like I said, this essay is just a bit overdue.

Syndicate content

Please Register
Registration requirementsREGISTER