AVON, CONNECTICUT, USA (June 10, 2010) – Once again, voluntary critical illness was selected by carriers as likely to be one of the industry’s top three growth products over the next few years. The study, Voluntary Product Trends, is conducted every other year by Eastbridge Consulting Group, Inc.
“Critical illness has been on the industry growth list every year since the study’s inception in 2002,” says Gil Lowerre, president of Eastbridge. “But finally, we are seeing the sales numbers actually support this belief.” In 2008 and 2009, critical illness sales increased for the industry (19 percent and 88 percent respectively).
Critical illness had the top spot in terms of industry growth products but when asked what products would be growth products over the next two to three years for their company, most companies named accident and short-term disability (though critical illness came in third).
Rounding out the top three growth products for the industry were accident (number two) and universal/whole life and supplemental medical plans (tied for number three).
“There’s a trend for carriers to choose different growth products for their own company as compared to those they think will lead the industry as a whole,” says Bonnie Brazzell, vice president Eastbridge. “This year we had more agreement than in some years,” adds Brazzell.
The 2010 Voluntary Product Trends Frontline Report is conducted every two years by Eastbridge. Information Partner Companies as well as survey participants receive the Frontline Report free of charge.
About Eastbridge Consulting Group, Inc.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. http://eastbridge.com/