LAKE FOREST, Ill. –
Trustmark Voluntary Benefit Solutions, a long-standing national voluntary benefits company, began enrolling its new critical illness product, Trustmark Critical LifeEvents,SM
late last month. The product, designed from consumer-driven research, revolutionizes the critical illness insurance industry and is gaining attention. LifeHealthPro
recently dubbed it one of six most innovative industry products of 2015.
“Gaining recognition by LifeHealthPro
was an honor. With Critical LifeEvents, we set out to change the conversation surrounding critical illness insurance and that’s exactly what we did,“ said Dan Johnson, Vice President, Sales and Marketing, Trustmark. “We wanted to understand what people valued in this type of insurance, and what our research told us was that although there are great products on the market, they may still be missing the mark.”
Trustmark wanted to disrupt the current consumer rationale — you don’t get what you think you’re getting
with these types of plans.
“With this one, you are covered in the way you think you are going to be covered,” said Johnson. Critical LifeEvents was built to fill needs that, as of yet, no company had addressed. The features of this product are designed for the full scope of an illness. “It’s like nothing else you’ll see in the market. Consumers told us what they needed and we listened. Plus, it can complement other benefit plans that may already be in place, such as a cancer-only plan. It’s a solution in many different regards.”
Another goal behind this product was to reduce the number of claims that are currently being denied across the industry by updating the policy language, definitions and covered conditions.
According to a market research survey by Gen Re, one-third of critical illness insurance claims are denied, and more than two-thirds of the denials are from conditions not being covered or definitions not triggering a benefit.1
This could easily be due to the increase in early identification and early diagnoses, which are both happening more frequently due to medical advances. Both of which are extremely positive problems to have and products just simply need to be updated to follow suit.
When tested, Critical LifeEvents spoke to more of the consumers’ needs and, when surveyed, 83 percent chose Critical LifeEvents over Trustmark’s top four competitors.2
Critical LifeEvents offers features that are new to the market, such as:
- Benefits for the full scope of the illness including separate payments for early- to late-stage diagnoses.
- An affordable option that offers more coverage for the conditions that matter most — heart attack, cancer and stroke (which cover 90 percent of the industry’s critical illness claims).1
- Coverage for conditions not typically covered today such as complications of diabetes.
- A heavier emphasis on access to medical experts for guidance, a second opinion or treatment advice.
- More preventive benefits including genetic testing, follow-up tests and screenings.
- Less confusion on what qualifies for a benefit including eliminating separation periods.
- A first-to-market caregiver benefit.
Policyholders may not know what is needed from a policy if they’ve never experienced a serious illness, which is why Trustmark’s research, conducted by an outside market research firm, focused on those affected by a critical illness and those who cared for someone with a critical illness.
Critical LifeEvents was rolled out to brokers and employers in the first quarter of 2015. Enrollment for employees has begun with effective dates beginning in the first quarter of 2016.
For possible publishing opportunities and press inquiries about Trustmark or Trustmark Critical LifeEvents
, please contact Amanda Emery at firstname.lastname@example.org
. For brokers interested in learning more, please contact
the regional sales director in your area.
About Trustmark Voluntary Benefit Solutions
Trustmark Voluntary Benefit Solutions has more than a century of experience in voluntary benefits. It provides the resources that employers need to enhance their benefit plans, and that employees need to make knowledgeable decisions and gain vital financial protection. Trustmark Voluntary Benefit Solutions is known for its service and billing capabilities and takes pride in finding solutions to match employers’ needs. Trustmark Voluntary Benefit Solutions is a division of The Trustmark Companies, a mutual holding company rated A- (Excellent) for insurer financial strength by A.M. Best, with $2 billion in assets and more than 2 million covered lives or plan participants. For more information, visit www.trustmarksolutions.com
Gen Re. U.S. Critical Illness Insurance Market Survey. 2013/2014.
Nationwide market research survey of 800 individuals conducted January and February 2014.
Associate Director, Marketing
Trustmark Voluntary Benefit Solutions