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CRITICAL  ILLNESS  INSURANCE

In 1983 Dr. Christian Barnard and his brother/co surgeon Dr. Marius Barnard performed the first successful heart transplant in the Republic of South Africa. 

The doctors Barnard and other physicians soon realized that by successfully prolonging life and postponing death, economic hardships were created.

In many cases the spouse had to quit working to take care of the impaired spouse.  While the impaired spouse’s disability coverage did pay, the spouse who voluntarily terminated employment lost income that had been helping to support the family.  The future additions to retirement plans were discontinued, in many situations living accommodations needed changing, etc.  The list of financial hardships befalling such a family is limitless.

After realizing that they were creating economic hardships for the families of their patients, the doctors created a new form of insurance – Critical Illness Insurance – and the first policy was issued by Abbey Life.

Since then the Critical Illness Policies have evolved and only recently have they been introduced to the United States.  Today these policies are the largest selling individual life policies in Canada, England, South Africa, Australia, parts of Western Europe, and parts of the industrial Far East.

Certain details of each policy vary by the resident state of the insured.  However, all of the policies follow the following format:

An individual is insured for a specific sum, generally ranging from a minimum of $5,000 to a maximum of $1,000,000. It is possible for an individual to buy policies from more than one company.

An individual can purchase $3,000,000 on one life.

            The premium is comparable to a whole life insurance premium for the same amount

There are specifically defined illnesses in each policy.  The illness typically is heart attack, invasive cancer, stroke, kidney failure and a series of others. As many as 40 different diagnoses are covered in various policies.

After the insured has been diagnosed with an illness that is specifically defined in the policy, and after the insured survives a waiting period which generally ranges from no day of survival to 30 days of survival, the company is responsible for paying the lump sum.

Neither death nor disability is required for the collection of the benefit, merely diagnosis of the illness.

Policies usually may be renewed for lifetime.

This policy is an ideal addition to one’s insurance portfolio.  It can help offset the financial requirements of one who suffers a defined illness; this policy offers relief from the financial burdens that typically accompany a serious illness.

Jerry Jacobs, CLU
3330 Kingman St., Suite 7
Metairie, LA 70006
Phone (504)888-2242
FAX (504)889-1753
Email JerryinMetaire@ims-securities.com