Critical Illness Insurance

The statistics available today require no further argument to prove that the likelihood of being diagnosed with a critical illness is extremely high. Catastrophic or Critical Illness Insurance provides a tax free lump sum payment upon diagnosis of a critical illness.

Policies have several riders available such as “return of premium at policy expiry” and “return of premium at death” which further make these policies an attractive purchase.

Dr. Marius Barnard

Critical Illness Insurance was pioneered by Dr. Marius Barnard in South Africa who recognized the need for a “living” benefit which could be paid tax-free to assist in patient recovery or alternative treatment of a critical illness. Dr. Barnard wrote:

When his patient’s “didn’t lose their life, they lost their life savings” after surviving once fatal illnesses such as cancer, stoke, 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. Marius Barnard, May 1997

Diagnosis of a Critical Illness

While disability insurance protects an individual’s lifestyle, Critical Illness Insurance protection addresses the immediate expenses associated with surviving the diagnosis of a catastrophic illness. The tax-free benefit paid after surviving a 30 day waiting period following a diagnosis can be used however the claimant pleases.

Work With Redcliffe Financial Group

It is important to consider that Critical Illness Insurance products are more expensive than most health insurance products, because they are highly claimed on. With recent statistics on illnesses such as cancer, stroke and heart attack, critical illness insurance is a product everyone should consider.

Use our online software to quote and purchase Critical Illness Insurance today. Or contact us today for a comprehensive policy quote.