When was critical illness, or trauma, insurance first launched?
Critical illness insurance pay health providers for the treatment costs of critical and life-threatening illnesses covered by the policyholder’s insurance policy, including the fee of specialists and procedures at a select group of high-ranking hospitals up to a certain amount per episode of treatment as set out in the policy. 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. This form of insurance originally covered four primary human health conditions: Since 1983, the cover has been accepted into many insurance markets around
Critical illness insurance personal protection, are generally not tax deductible and any claim proceeds are not taxable. Trauma Insurance is not offered in Superannuation as the definitions available for payment do not always align with the required conditions of release. Critical illness insurance options available in Canada: Critical illness insurance Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.