It is no secret that more and more of us would benefit from this cover which includes major illnesses such as Cancer. It is likely you would not be able to perform your normal work duties and so income would likely be impacted. A ‘Lump Sum’ benefit from a Diagnosis of a listed Critical Illness would certainly take the sting out of immediate financial pressures allowing you to recuperate back to normal health.

It’s not that old really – Critical illness insurance was founded by Dr Marius Barnard, with the first critical illness product being launched on 6 October 1983 in South Africa, under the name dread disease insurance and covered just FOUR conditions compared to cover for 80 conditions today from some providers.

Moving ahead some years it now dominates a large portion of the Health Insurance market and the figures below from the Association of British Insurers (ABI) for 2016 are very reflective of real on the ground, day-to-day landscape in this regard.

More than ever financial stability is of paramount importance, Critical Illness Cover still strives today to overcome huge financial impact brought around by serious health issues, As Dr Barnard discovered first-hand many years ago still remains true.

What motivated him was his experience with the financial plight of many of his patients following the diagnosis and treatment of a critical illeness.

Their financial resources were not only threatened by the increasing cost of medical treatment but also by their decreasing ability to earn the money needed to fulfil their monthly financial needs, this often lead to them having to make many sacrifices e.g. take children out of private schools, sell their house and bankrupcy.

All these financial concerns impacted on their health. Recovery was delayed, stress aggravated their poor health and even sometimes ended in suicide.

What was needed was money to provide financial health when their physical health could no longer adequately provide for this.