Trustmark’s history with critical illness insurance
Trustmark was the first carrier to introduce a lump-sum cancer-only policy to the insurance market, and shortly thereafter, we launched our very first CI product. We’ve enhanced our product over the last 20 years, just like other carriers, but overall, CI insurance has stayed ordinarily the same in the market.
Time for change: One-third of claims denied
Did you know that a third of CI claims in the industry are denied, and 63% of those claim denials are due to conditions not being covered or definitions not being met?1 Through advances in medicine and an increasing adoption of preventive measures, illnesses are being discovered earlier or prevented altogether, which means a CI insurance policy designed to help the severely ill will no longer suffice. It’s important to not only focus on benefits for policyholders when they are severely ill, but to design a product that appeals to an entire population.
Three years of consumer research
Our three-year process to build Critical LifeEvents started with hiring an outside market research firm to help us find our consumer’s pain points, needs and desires surrounding critical illness through:
- Consumer focus groups
- Nationwide surveys
- Consumer product testing
We found out consumers’ needs greatly varied from any typical CI product on the market today. This is why we created a product that goes beyond helping the severely ill and provides a lifetime of benefits for policyholders. Find out what consumers said.
1Gen Re. U.S. Critical Illness Insurance Market Survey. 2013/2014.
To find out what consumers said,
click on the infographic below.
