Critical Illness Insurance provides guaranteed protection against financial devastation following diagnosis of serious illnesses. Benefit amounts are agreed when the coverage is issued and are not subject to healthcare inflationary pressure.
Coverage is provided in free-standing form or bundled with other insurance products such as term life policies or universal life insurance. Many critical illness conditions are insured. The major critical conditions are cancer, myocardial infarction and stroke. Additional coverages against less common medical conditions requiring heroic intervention, such as major organ transplant, paralysis, multiple sclerosis, blindness and Alzheimer ’s disease can be provided. The scope of the Critical Illness conditions determines pricing and competitive marketing advantage. Elucidor provides the following services:
- Advising carriers on Critical Illness product design, rate-making and underwriting.
- Applying state of the art technology in its critical illness advisory services and providing superior risk rate development. We use Dash and Grimshaw methods, Pollard Research approaches and Bayesian methods to facilitate experience testing and rate calibration.
- Guiding clients in embedding the coverage in their product ranges and assisting in modeling and pricing finished products in conformance with client profit targets.
Elucidor services critical illness policies in several business lines, including:
- Individual Life
- Worksite marketing
- Association Group
- Group Life
- Extended coverage of Variable Annuity Minimum Death Benefit Guarantees
- Payout Annuity Enhancement