How Customers Purchase Critical Illness Insurance?

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Critical Illness Insurance Market Report Overview

Critical illness insurance (CII) cover provides a tax-free lump sum upon diagnosis of critical illness conditions. The CII covers consumption and clinical tabs during the range of the treatment. The critical/serious conditions are packaged with other life items, for example, term protection, which is alluded to similarly as with rider.

The critical illness insurance market report explores how purchasing preferences have changed over time. It discovers what is most influential to customers when purchasing a critical illness policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the critical illness insurance market over the next few years.

Major purchasing channels Insurer, Broker, PCW, and Bank
Major purchasing methods Online via a PC/Laptop, On the Phone, Online via a Smartphone /Tablet, By Post, Face to Face, and Provider’s App
Key providers Aviva, Legal & General, Royal London, HSBC, and Scottish Widows
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Key Critical Illness Insurance Market Trends

The COVID-19 pandemic raised financial security concerns which increased awareness related to critical insurance coverage. However, COVID-19 coverage is not provided under critical illness cover. Apart from cancer, heart attack and stroke make up most of the critical illness insurance claims every year. Furthermore, multiple sclerosis, Parkinson’s, and benign brain tumor were the reasons for claims which raises concern, as the number of claim payouts for these three illnesses has been on the rise every year and is expected to increase over the coming years.

With the rapid pace of technological change, insurers started integrating wearable devices into their policies to access real-time data and encourage customers to meet their health goals by offering financial rewards. This will provide opportunities to predict claims costs, which will help to reduce underwriting and pricing costs.

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Critical Illness Insurance Market Segmentation by Purchasing Channels

The major channels that were used to purchase critical illness insurance policies in 2021 were insurers, brokers, PCW, and banks. Purchasing through the broker and the banking channels increased in 2021. The market share of broker and bank channels increased in 2021. Due to the uncertainty caused by the pandemic, customers preferred to purchase policies from trusted institutions and professionals with technical guidance regarding the policies in 2021.

Critical Illness Insurance Market Analysis by Purchasing Channels, 2021 (%)

Critical Illness Insurance Market Analysis by Purchasing Channels

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Critical Illness Insurance Market Segmentation by Purchasing Methods

The major methods used to purchase critical illness insurance policies in 2021 were online via a pc/laptop, on the phone, online via a smartphone /tablet, by post, face to face, and through the provider’s app. In 2021, online purchasing was widely preferred.

Critical Illness Insurance Market Analysis by Purchasing Methods, 2021 (%)

Critical Illness Insurance Market Analysis by Purchasing Methods

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Which are the key providers in the critical illness insurance market?

The key providers in the critical illness market are Aviva, Legal & General, Royal London, HSBC, and Scottish Widows. Aviva was the largest critical illness insurance provider in 2021.

Critical Illness Insurance Market Analysis by Providers, 2021 (%)

Critical Illness Insurance Market Analysis by Providers

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Key Segments Covered in this Report

Critical Illness Insurance Purchasing Channel Outlook (2019-2021, %)

  • Broker
  • Insurer
  • Bank
  • PCW
  • Others

Critical Illness Insurance Purchasing Method Outlook (2019-2021, %)

  • Online Via a Pc/Laptop
  • On The Phone
  • Online Via a Smartphone /Tablet
  • By Post
  • Face To Face
  • Through The Provider’s App

Key Highlights

  • Critical illness customers are most inclined to visit price comparison websites (PCWs) and take advice from an independent financial advisor before purchasing a policy.
  • The top financial concerns among critical illness policyholders were paying monthly bills, saving for a comfortable retirement, and the impact of the COVID-19 pandemic.
  • In 2020, the number of new contracts with and without critical illness declined.

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.
  • Compare the Net Promoter Scores of key insurance providers.
  • Discover which providers lead the way in the household insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Legal & General
Royal London
Scottish Widows

Table of Contents

Table of Contents

Executive Summary

Sizing the Life Insurance Market

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Future Market


Frequently asked questions

How Customers Purchase Critical Illness Insurance? standard reports
Currency USD

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Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

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