Critical Illness insurance helps you pay for costs associated with life altering illnesses. If you become sick with an illness covered by your CI policy and survive the waiting period, you receive a lump sum of money.
Critical illness was developed by Doctors NOT by Insurance companies
In the late 1980s Critical Illness was developed by Dr. Marius Barnard, a cardiologist from South Africa. Dr. Barnard found many heart transplant patients were not recovering, or not recovering as well as expected after recieving treatment. Barnard could not find any medical reason for this. After closer examination of patient situations, Barnard came to the realization that many were in financial ruin as a result of their illnesses. Modern medicine had saved these people, but financially they were struggling – and it was negatively affecting there health and recovery. Dr. Barnard approached a local insurance company with his concern and played a major role in the development and design of the product we now call Critical Illness.