Critical illness insurance, introduced in South Africa in 1983, was the product idea first developed by surgeon Marius Barnard.
His brother, Christian Barnard, was the first doctor in the world to perform a successful heart transplant. Dr. Marius found that after performing heart transplants, some patients and their families had fallen on hard times financially and were unable to sustain subsequent rehabilitation. In order to alleviate the financial pressure on the insured in the event of a major illness or major surgery, he worked with a South African insurance company to develop critical illness insurance.
After 1986, critical illness insurance was introduced to the UK, Canada, Australia, Southeast Asia and other countries and regions, and developed rapidly. 1995 saw the introduction of critical illness insurance to China's mainland market, which has now developed into an important protection product in the life insurance market. During the development of critical illness insurance, the scope of coverage has gradually expanded and the protection function has become more and more perfect, but the design concept of this type of product has been continued to this day.
Expanded Information:
The role of major illness insurance:
1, against risk. According to data released by the State Ministry of Health in June 2008: the chance of a person suffering from a major disease in his lifetime is as high as 72.18%. Currently, the average cost of treatment for major diseases is usually more than 100,000 yuan.
So what can we do to protect ourselves against this sudden risk? Critical illness insurance is, in short, sickness insurance that pays out benefits for illness. This means that as long as an insured person suffers from a disease listed in the insurance policy, he or she will receive a fixed amount of compensation from the insurance company, regardless of whether or not he or she has incurred medical expenses or how much he or she has incurred.
2. Benefits upon diagnosis. If you buy a critical illness insurance policy, as long as the diagnosed disease is in line with the insurance terms and conditions of the coverage object, then you can get a one-time payment from the insurance company, on the one hand, you do not need to pay the medical expenses, and more importantly, it reduces the burden of personal medical expenses.
3. Earmarked funds. If nine out of every ten of us die because of a major illness, then in the future in front of a major disease, do we have a sum of money can be earmarked. If you feel that the senior age suffered a serious illness, most of the money of the insurance benefits paid out are accumulated in the past, it feels as if it is not cost-effective. The truth is that insurance cover is a process, not a fragment.
4. Suitable for everyone. Critical illness insurance is especially important for people without health insurance. And for those covered by health insurance, critical illness insurance can be a necessary supplement.
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