Critical Illness was pioneered in South Africa by Dr. Marius Barnard, brother of Dr. Christian Barnard, of heart transplant fame. They saw a need to provide "living" insurance to survivors of major illnesses.
In other words, while Disability Income protects income and, ultimately, lifestyle, Critical Illness addresses the immediate (and costly) expenses to help look after the special needs associated with the lasting effects of a catastrophic illness. Taking it one step further, it is quite conceivable that a particular illness will not disable an individual, but will entail drastic changes in every-day living, which can prove to be a large burden financially.
Therefore, Critical Illness has proven to fill a void that has existed in the insurance marketplace. Considering that:
- Life expectancy is improving;
- Governments are cutting back on medical benefits;
- Waiting lists in Canada are growing for specialized surgical procedures; and
- Statistically, the odds of surviving a catastrophic illness are constantly improving;
It is not surprising that Critical Illness has been readily accepted in other countries, and, now in Canada.
Procedurally, triggering Critical Illness is simple. If an individual suffers an illness listed below, then a tax-free lump sum is paid out after 30 days. Loss of time from work is not even a criterion.
To learn about the best Critical Illness Insuance plan in today's marketplace with updated comparisons to all the carriers plans in the marketplace visit: LifeBeat.info
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"Actuaries give Canada five years to fix health care" "Demographic and deficit pressures ... dictate that the days of unrestricted access to unlimited health care resources must soon end. Actuaries estimate that if the system was pre-funded, a little more than $1 trillion would now be needed to cover future benefits for retirees. This includes $369 billion for today's seniors. The bulk of the rest is for baby boomers who will start turning 55 in 2001."
(Society of Actuaries, February 1996)"Me First" - "Money cannot buy you love, but it can buy you faster health care." "For those who are sick and who have recourse to their savings or their bank manager, the question is not whether to find a quick private alternative, it is how to find one. America may be the world leader in health care inequality, but for those who can pay it is also the world leader in health care."
(British Columbia Business, November 1996)Dr. Marius Barnard on Critical Illness Coverage When his patients "didn't lose their life, they lost their life savings" after surviving once fatal illnesses such as cancer, stroke, or heart disease. He states, "You need insurance not because you are going to die, but because you are going to live. [ Today, individuals ] have a greater chance of living long enough to become seriously ill."
(Dr. M Barnard, May 1997)