Critical illness insurance was founded by Dr Marius Barnard, with the first critical illness product being launched on the 6th of October 1983 in South Africa, under the name dread disease insurance.
Most people purchase life assurance, but only a minority obtain another form of financial protection. Critical illness assurance pays on diagnosis of any one of a list of serious illnesses – including cancer and heart attacks. Claims statistics suggest you are five times more likely to suffer from one of these than you are to die before you reach 65. Critical illness cover can provide cash to allow you to pursue a less stressful lifestyle while recovering from illness, or use it for any other purpose.