This Presentation aims to present the need, origin and the evolution of Critical Illness Insurance. It brings to light the efforts of Dr. Marius Barnard, in designing and launching the Critical Illness Insurance for the benefit of mankind.

1. The Need and History of
Critical Illness Insurance
by www.financialplanningindubai.com

2. Way back in 1983....
Apple designed the Iphone Prototype, but there was another
significant creation, which has changed the world we live in..
Image Source : http://www.businessinsider.com/the-original-iphone-2011-12

3. Dr. Marius
Barnard
Designed and launched
Critical Illness Insurance in
1983

4. About Dr. Barnard
•
Marius Barnard, a South African cardiac surgeon and inventor of critical illness
insurance was born in 1927.
•
Dr. Barnard, with a team of surgeons headed by his brother Dr. Christiaan Barnard
performed the world's first human-to-human heart transplantation in 1967
•
He had witnessed the financial hardship his patients went through, during and after
the treatment of a Critical Illness, and approached various insurance companies to
design a new product to protect people from financial hardships, when diagnosed
with a Critical Illness.
•
His argument was that "as a medical doctor, he can repair a man physically, but
only insurers can repair a patient's finances".
•
Thanks to his efforts, on 6th October 1983, the first Dreaded Disease Insurance
was launched in South Africa.

5. What Prompted him to
Create this Cover?
•
Medical Research confirms that at
least 70 percent of us will one day
be told by our doctor that "You
have had a heart attack, a stroke or
perhaps cancer".
•
The good news is that most of us
will survive, as a result of highly
skilled physicians, modern medical
equipment, procedures and
facilities, but at a cost.
•
One-third of the cost is direct
medical and the rest indirect, in the
form of early retirement, home
nursing, building alterations etc.

6. Questions, following the
shock!!!
Whenever he broke the news to any of his patients about their
critical medical condition, after the initial shock, the following
questions usually followed;
•
Can I be treated?
•
Will I be cured?
•
What will the cost of treatment be?
•
Then comes deep concern: how long will I have to be in the
hospital?
•
How long will I have to be off work?

7. The financial impact...
•
Dr. Barnard noticed, that along with the patient's physical health, their
financial health also became critical, when diagnosed with Critical
Illness
•
Many had to retire early or take time of work for long periods, and
survive on savings or a meagre pension.
•
While the medical expenses increased, their ability to generate
sufficient income deteriorated.
•
They complained about one thing only— money, or rather the lack of it.
•
Many had to sell their houses, and other assets to fund the
treatment, while ignoring their businesses which eventually went
bankrupt.

8. Was it an easy task?
•
No, Dr, Barnard's long search for reinsurers and for an insurance company
prepared to launch such a product was
fraught with
frustration, disappointment— and
failure.
•
After striving for three years he was
able to launch, in 1983, the world’s first
critical illness policy.
•
This covered only four conditions: heart
attack, stroke, cancer and coronary
bypass surgery.

9. The Evolution...
•
Initially, there were many doubts and much criticism.
•
There were no proper statistics, the premiums would be too
high, and the definitions would not pay out.
•
But, as insurance companies came to understand the product
better, the critical illness insurance became better now covers a
wide range of serious ailments, with proper definitions paying
out on all valid claims.

10. Critical Illness Insurance in
Dubai
•
In Dubai - UAE, the following companies offer a well
defined Critical illness cover, at affordable premiums;
•
Zurich International Life,
•
Friends Provident International,
•
Metlife ALICO,
•
Royal London 360,
•
Salama and
•
Noor Takaful,
•
Some plans cover upto 36 Serious Illnesses
•
The scope and limitations of cover are clearly defined in
the terms and conditions of respective plans
•
All valid claims are paid out, without any hassle.

11. To know more..
please visit http://financialplanningindubai.com/criticalillness-insurance-in-dubai/