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What’s newsworthy in critical illness insurance

Top 3 trends to watch in 2022

Critical illness insurance has come a long way, baby.

The first policy of its kind was launched in 1983 and covered four things: cancer, stroke, heart attack, and coronary bypass surgery.

Today, there are countless providers and a much more extensive list of commonly covered illnesses. Good thing, too, as health care costs and the number of various critical illness cases are also on the rise — possibly growing more than 15% by 2025.1

Here are three trends making this benefit, which provides a lump sum cash payment for a covered diagnosis, popular with both employees and employers.

1. One size does not fit all

Many of today’s workforces have at least four generations: baby boomers, Generation X, Millennials and Generation Z. And each generation has different needs, interests, experiences – even critical illnesses.2

Many Millennials are not thinking about heart attacks and strokes. And Boomers likely don’t have childbirth (and neonatal intensive care) on the brain.

Providers may want to consider adding more generationally relevant critical illnesses to their plans. Which is a nice segue into the next trend.

2. Critical illness insurance can lead to improved employee happiness (i.e., retention)

Did you know, critical illness insurance is among the top three most-wanted supplemental benefits among employees?3

Since voluntary benefits like critical illness are more popular than ever, it makes sense that employers that offer critical illness coverage experience greater talent retention and engagement.3

In fact, according to a recent survey, HR professionals believe offering voluntary benefits like critical illness will retain employees (83%), engage employees (72%) and attract new talent (72%).3

They also believe doing so will save employees money (63%) and increase productivity (53%).3

3. Some critical illness policies now include COVID-friendly coverage

You didn’t think we could avoid talking about COVID-19, did you? The fact is the pandemic is a big reason why more people are purchasing critical illness insurance.4

And some insurers have amended their coverage to include infectious diseases (like COVID-19).5

Here’s an interesting fact: A recent survey found that respondents who had COVID-19 were more likely to purchase critical illness coverage (26%) than those who hadn’t (12%).4

Over the last 39 years, critical illness insurance has become one of the fastest growing voluntary benefits available today. And while it’s come a long way, there’s no doubt it will continue to evolve.

Interested in group critical illness insurance?

Read about what Securian Financial offers.

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