Critical illness insurance that provides a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses covered by the policy.
The insurance contract outlines the specific rules that define when a diagnosis of a critical illness is considered valid. Often it will specify that the diagnosis must be made by a physician who specializes in that illness. Or it may name specific tests such as EKG that confirms the diagnosis.
The concept was first conceived by Dr Marius Barnard. The first critical illness product being launched on 6 October 1983 in South Africa. It is now commonly sold around the world.
This form of insurance originally covered four primary human health conditions: Cancer – Stroke – Heart attack -Coronary bypass surgery
The protection was originally sold to provide financial protection following the diagnosis or treatment of an illness deemed critical.
The finances received could be used to:
This insurance can be purchased on an individual basis. It is commonly offered in the United States through the worksite.
The American Association for Critical Illness Insurance is the nation’s top resource for information. This is our sister organization along with the American Association for Long-Term Care Insurance and the American Association for Medicare Supplement Insurance.
Visit their website to find the latest critical illness insurance costs. You will also find tips that can help you save on this important protection.
You can access the Critical Illness Insurance Cost Calculator to get instant quotes for this protection.
As posted on the Association’s website, here are 10 top insurance companies offering critical illness insurance:
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