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Critical illness insurance or critical illness cover is a contract, invented by Dr Marius Barnard[1], where an insurer makes a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed on the insurance policy and survives a minimum number of days (the survival period) from the date the illness was first diagnosed.
The schedule of insured illnesses and the survival period varies between insurance companies. 30 days and 28 days are the most common survival periods but some companies have adopted a 14 day survival period. The contract terms contain specific rules that define when a diagnosis of a critical illness is considered validated. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.
Critical illness insurance or critical illness cover is a contract, invented by Dr Marius Barnard[1], where an insurer makes a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed on the insurance policy and survives a minimum number of days (the survival period) from the date the illness was first diagnosed.
The schedule of insured illnesses and the survival period varies between insurance companies. 30 days and 28 days are the most common survival periods but some companies have adopted a 14 day survival period. The contract terms contain specific rules that define when a diagnosis of a critical illness is considered validated. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.
