The Origin of Critical Illness Insurance

The development of Critical Illness Insurance is an interesting story. Do you recall the name of Dr Christiaan Barnard? He led the team of surgeons who performed the world’s first human heart transplant in Cape Town, South Africa, in 1967. One of the members of the team was his brother, Dr Marius Barnard. Although the first transplant patient died 18 days later, continued success there and around the world saw patients surviving much longer, with their eigth living for 23 years. However, while medicine allowed lives to be saved from critical illnesses, Dr Marius Barnard saw patients suffering due to the financial hardships to which they were subjected.

After a lot of time and frustration, Dr Marius Barnard was instrumental in the introduction of a Critical Illness Insurance policy in 1983, providing a sum of money to make life better financially when physical health was affected. Such a policy pays a lump sum when the insured is diagnosed with one of the covered conditions, including heart attack, stroke and cancer. Modern policies cover much more.

Please take a few minutes to watch this Marius Barnard Movie. More readings on the life of Drs Marius and Christiaan Barnard if the subject moves you.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.