How Customers Purchase Critical Illness Insurance 2018

How Customers Purchase Critical Illness Insurance 2018

Summary

Critical illness insurance pays out an insured lump sum tax-free in the event of the insured being diagnosed with a listed specific illness or medical condition within the cover term. Traditionally only one payout is made, on a flat basis of having a specified problem, although the market has made strong moves towards products and claims based on the severity of a condition as medicine and treatments advance. Available as a standalone product, critical illness is also bolted on to other life products such as term assurance, which is referred to as with-rider. Payouts are normally only given once and in a lump sum. Underwriting is based on a checklist of conditions and their degree of advancement, so policies can be specific and individual risk can be measured.

This report explores the attitudes, behaviors, and preferences of customers who purchased a critical illness policy in the last 12 months. It explores distribution and the purchasing journey, policy purchase triggers, the financial concerns of customers, and brand selection. It also sizes the critical insurance market using Association of British Insurers data.

Scope

- The majority of critical illness policies are sold as a rider with a life insurance policy.
- A quarter of customers seek advice from an insurance broker or independent financial advisor before purchasing a critical illness policy.
- A quarter of critical illness customers purchased a policy after buying a house.

Reasons to buy

- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- Discover which providers lead the way in the critical illness space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Executive Summary
Sizing the Critical Illness Insurance Market
The Purchasing Journey
Behaviors & Attitudes
Brand Selection
Appendix

How Customers Purchase Critical Illness Insurance 2019

How Customers Purchase Critical Illness Insurance 2019The attitudes, preferences, and behaviors of customers purchasing critical illness insurance in the past 12 months differed depending on factors including whether they purchased

USD 3250 View Report

How Customers Purchase Private Medical Insurance 2019

How Customers Purchase Private Medical Insurance 2019Customers purchasing private medical insurance (PMI) in 2019 were influenced by various factors, including their individual financial interests, the incidents prompting them to purchase

USD 3250 View Report

How Customers Purchase Critical Illness Insurance 2019

How Customers Purchase Critical Illness Insurance 2019The attitudes, preferences, and behaviors of customers purchasing critical illness insurance in the past 12 months differed depending on factors including whether they purchased

USD 3250 View Report

How Customers Purchase Private Medical Insurance 2019

How Customers Purchase Private Medical Insurance 2019Customers purchasing private medical insurance (PMI) in 2019 were influenced by various factors, including their individual financial interests, the incidents prompting them to purchase

USD 3250 View Report

Fill The Form For Sample Request

Note : * Kindly provide us with your company id and get the sample reports at the earliest.

There is no Reviews available