| First introduced in 1983 in South Africa in the | | | | was a time when stringent conditions were applied |
| name of 'dread disease insurance', the critical | | | | to assess a condition as one of critical illness. The |
| illness insurance is gaining popularity in the recent | | | | insurance has now emerged as a financial proof |
| days. Before its introduction, it was sold as 'cancer | | | | against many critical illness conditions. Insurers |
| policy' in the US serving to provide coverage for | | | | have expanded the list of the conditions so as to |
| some types of cancer. This can be considered as | | | | tap a larger customer base. |
| the precursor to the critical illness insurance of the | | | | Critical illness insurance is mainly beneficial for only |
| day. It gradually gained popularity in other parts of | | | | those whose social insurance does not adequately |
| the globe such as Canada, UK, Israel and East | | | | cover any of the serious illness. The need for |
| Asian countries. | | | | critical illness cover is mostly felt in countries with |
| In the event when the insurance bearer is | | | | inefficient social security measures. Despite the |
| detected with any of the critical illness conditions | | | | presence of social security measures, some |
| found mentioned in the policy, he or she might | | | | citizens might still want to avail of illness insurance. |
| receive a tax free lump sum. The critical | | | | The motive force behind this might be the need |
| conditions considered include heart attack, cancer, | | | | for the best treatment and care. |
| stroke, coronary artery bypass surgery and | | | | The add-on benefits that come along with critical |
| kidney failure to mention a few. Some companies | | | | insurance need not be the payment of medical |
| will cover only eight illness conditions while some | | | | expenses alone. The policy might also cover the |
| others have recognized up to some thirty five | | | | after effects of the critical illness. It is often that |
| conditions. The insurance policy is of enormous | | | | once the illness strikes a person, the environment |
| help in the financial crisis that soon follow the | | | | he or she dwelled in might have to undergo some |
| detection of the condition. With the financial | | | | alterations to cater to the changed conditions in |
| support, the change in the living conditions can | | | | his or her life. It is often that the person might be |
| more or less be addressed. | | | | unable to do any work thereafter. The financial |
| The term dread disease previously used in South | | | | liabilities that are incurred as a result of the illness |
| Africa was inappropriate in many markets as well | | | | might also be covered by the policy. |
| as taking into account various marketing | | | | The client has to be introduced to the insurance |
| strategies too. Thus many insurance firms have | | | | policy in a thorough manner. This will make the |
| abstained from using the term. The other terms | | | | picture clear to him as well as clearing him or her |
| used to mean critical illness insurance include living | | | | of any doubts. This will only add to the confidence |
| insurance, crisis cover or trauma cover. There | | | | of the customer over the product. |