Here’s a rundown on the changes of keenest interest to insurance advisors...
CancerInsurance.com, an independent source and web-based marketplace for lump-sum at diagnosis cancer insurance and critical illness insurance policies, announced the introduction of its Broker Support Program to provide health insurance brokers with complementary services and technology to market and sell supplemental policies online.
According to a release, the CancerInsurance.com Broker Support Program provides brokers with a custom-branded, mobile-friendly website, making it easy for health insurance brokers to help individuals and groups search by ZIP code for supplemental lump-sum cancer and critical illness insurance quotes, compare options and apply instantly through an e-application with a digital signature form.
Quotes and e-applications can also be saved online for customers to revisit their potential lump-sum, cash payment policies offered by the nation's top-rated carriers. Commission checks for licensed insurance agents are sent directly from the carriers, including Guarantee Trust Life, Medico, United American and more.
"We have been selling supplemental lump-sum insurance policies through our unique online platform for more than three years," says Cary Rentner, President of CancerInsurance.com. "Our lump-sum cancer and critical illness insurance policies differ from most by delivering a single payment directly to the insured upon diagnosis."
Cancer insurance and critical illness policies through CancerInsurance.com deliver a lump-sum cash payment upon first diagnosis for a covered medical condition. Benefit amounts of up to $100,000 can be used how a policyholder chooses for both medical and non-medical bills.
"The insured can spend the money how they choose, with no stipulations," says Rentner. "Other supplemental policies come with restrictions (such as access to outpatient and alternative treatments, and exclusions on medications) and cannot be used to financially support a patient and their family to pay for the non- medical costs associated with cancer care, like lost wages from missing work or travel to treatments in another state."
CancerInsurance.com's Broker Support Program also features a complementary Producer Office CRM tool, accessible 24/7 across online devices, to manage a health insurance broker's tailor- branded website while working through a customized dashboard that includes:
-Real-time client and lead tracking.
-Ability to search and compare policies offered nationwide.
-Lead nurturing tools for follow-up communications.
-Reports on policy purchases and commissions earned.
"Four out of 10 of our customers are going directly to CancerInsurance.com, shopping and purchasing on their own through our e-application with digital signature form, and the balance are guided through the application process over the phone," says Rentner. "From an ROI perspective, we are almost getting a two-for- one, in terms of commissions-per-touched-sale. Our process dramatically reduces the time and cost associated with meetings while significantly expanding a health insurance agent's geographic footprint."
Cancer insurance and critical illness policies are designed to complement traditional health insurance coverage offered by employers, as well as those purchased through the Affordable Care Act's (ACA) Marketplace.
While the ACA was designed to improve access to coverage, preventive screenings and financial subsidies, gaps still exist in most health insurance policies. The gaps can leave people vulnerable to severe medical debt and bankruptcy without access to affordable care and future financial protection.
"Our program gives brokers the free tools and technology to market and sell supplemental policy solutions," says David Goodman, CEO of CancerInsurance.com. "These lump-sum cancer and critical illness plans allow brokers to help their customers fill coverage gaps, and could potentially help them sustain a major medical condition without exhausting their life savings or going bankrupt."
At some point during their lifetime, the American Cancer Society estimates that 1 in 2 men and 1 in 3 women will be diagnosed with cancer. In addition, the American Heart Association estimates that more than 700,000 Americans have a heart attack each year.
According to a 2012 analysis by Milliman, a global consulting and actuarial firm, the 10 most common and most expensive medical events that can occur in a person's life include the following critical conditions: cancer, stroke and heart attack.
High blood pressure, high LDL cholesterol and smoking are three critical risk factors for heart disease -- the term used to describe several heart problems related to plaque buildup in the walls of the arteries. According to a 2011 report from the Centers for Disease Control and Prevention, about half of Americans have at least one of these three critical risk factors for heart disease, which can lead to a heart attack or stroke.
"And while new prescription drugs, medical technologies and treatment innovations are helping more patients live through a cancer diagnosis or critical illness, the financial costs of non- approved treatments and prescription drugs can hinder their access to quality care, decrease their chances of survival, and be a significant financial burden on them and their families," says Goodman.
CancerInsurance.com's website and Broker Support Program is accessible 24/7 across online devices, including smartphones, tablets and desktops.
CancerInsurance.com enables people to search by ZIP code for instant cancer insurance and critical illness insurance quotes, compare options and apply online through an e-application with a digital signature form -- no medical exam is required.
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