The Critical Illness Opportunity for Brokers

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Is there a new critical illness opportunity for brokers? The rising cost of health care has Americans paying more out of their own pockets than ever before. And it’s a key reason why critical illness providers are offering one of the fastest growing voluntary benefits available today. Sales have increased by double digits every year – for the last three in a row.1 And it doesn’t appear the trend will end anytime soon.

Help your clients attract and maintain talent

Three quarters of all workers say the benefit package a prospective employer offers is an important factor in their deciding whether they’ll accept a job. And most workers see voluntary benefits, such as group critical illness insurance, as a strong advantage.2

Adding this insurance to your portfolio of product offerings allows you to increase your revenue stream… and provide a valuable service to your clients. 

With escalating premiums and other out-of-pocket expenses, the total employee share of health care costs has risen from 34.4% in 2011 to 37% in 2014.3 These higher costs are driving employers to critical illness providers for an affordable way to offer some much needed financial protection to their workforce.

An important addition to your portfolio

Group critical illness insurance is now offered as a voluntary benefit by 35% of midsize and large companies — with more employers considering it for the year ahead.4 It is an affordable way for employers to address medical costs and strengthen their employee benefit packages without increasing expenses.

Adding critical illness insurance to your portfolio creates new opportunities to develop more consultative relationships with clients that may lead to increased sales and a new source of income. 

Many employers are looking for ways to balance the cost of complying with the new laws mandated by the Affordable Care Act. If any of your clients are considering options to lower their health care costs, offering more robust voluntary benefits such as critical illness insurance may be a way for the employer to help fill gaps in coverage.

You can help employers offset rising health care costs – and generate goodwill – by educating your clients on the role of critical illness insurance. The critical illness opportunity is here today.

What is critical illness insurance?

Critical illness insurance is not health insurance. It’s a lump-sum financial benefit that's paid when a serious illness – such as heart disease, cancer, Parkinson's or ALS – is diagnosed. 

This cash payment can help replace a percentage of income lost when a worker's steady paycheck is replaced with a disability insurance payment. It can be used to pay for expenses not covered by medical insurance… or for non-medical expenses such as travel costs, child care expenses, even as compensation for a spouse or family member who takes time off work to help out. It's a payment many Americans can't afford to be without.

Contact a Sales Representative today

We'll help you understand your critical illness opportunity and help design a critical illness insurance solution for your clients' needs.

 

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Disclaimer

1

2013 U.S. Worksite Sales Survey, LIMRA

2

 "Views on the Value of Voluntary Workplace Benefits: Findings from the 2014 Health and Voluntary Workplace Benefits Survey." ebri.org, November 2014

3

2014 Employee Survey on Purchasing Value in Health Care, TowersWatson.com

4

“Importance of Employer Sponsored Voluntary Benefits and Services Expected to Surge., Towers Watson Survey Finds.” www.towerswatson.com, August 7, 2013

Please note that Critical Illness coverage may be referred to as Specified Disease coverage in your policy or certificate booklet. File #2016-20150

Guardian's Critical Illness Insurance is underwritten and issued by The Guardian Life Insurance Company of America, New York, NY. Products are not available in all states. Policy limitations and exclusions apply. Optional riders and/or features may incur additional costs. Plan documents are the final arbiter of coverage. Policy Form number #GC-CI-11 et al.