Critical Illness Insurance is the story of one doctor’s vision for a better financial recovery.
The fact that Critical Illness insurance was created by an industry leading heart surgeon and not an insurance company says a lot about the real need for this type of coverage.
We live in a society of illness and there is strong opinion that Critical Illness insurance is just as important as life insurance. Illnesses like Cancer, heart attack and stroke, to name a few, can and has wiped out the savings and retirement of many people, including business owners and professionals. Illness also puts great pressure and stress on your surrounding family. People close to you often have to take time off work, and become stressed, disabled and ill themselves.
Critical Illness Insurance was invented by Dr. Marius Barnard, a cardiac surgeon who helped pioneer the first heart transplant in 1967.
Dr. Barnard saved the lives of many patients who suffered Critical Illnesses, but saw those same lives devastated by the financial impact that followed. Barnard was motivated by the financial hardship he saw his patients suffer. He convinced South African insurance companies to introduce a new insurance product to cover Critical Illnesses. Barnard argued that, as a doctor, he can repair a man physically, but only insurers can repair a patient’s finances. On October 6, 1983 the first Critical Illness Insurance policy was launched.
Watch The Short 3 Minute Video with Dr.Marius Barnard.
Why does Critical Illness Insurance make so much sense? Simple. One of the biggest risks to your finances is your health. An illness can hurt your finances in ways you never expected. Below are the most common sources of emergency funds Canadians use to finance a Critical Illness recovery:
If you are diagnosed with and survive a critical illness you’ll receive a much needed lump sum cash payment you can spend any way you choose. This can help you solve some big problems during an extremely stressful time. Some of the major ways Critical Illness Insurance can help you are:
The most important benefit of Critical Illness Insurance is freedom. Freedom to recover without financial pressures. Freedom to make your own choices.
Recovering from an illness can be very stressful and draining – physically, emotionally and financially. Just when illness makes it tougher to manage business, personal, household and child care responsibilities, lost income can add another pressure. It’s a lot to face all at once.
There’s a lot you want to achieve in your life. Some things you can plan for – and some you can’t. How will you achieve everything you planned for if faced with a Critical Illness? In order to achieve your plans for the future, you need to plan wisely. Why live a life where your finances are vulnerable to an uncontrollable risk? What sense does that make?
Never compromise your goals.
Create a plan that ensures financial security to help you recover and move past a critical illness. Make Critical Illness insurance part of your financial plan.
