As a claims professional, I come across critical illness cases regularly. And while Critical Illness Insurance (CI) has been in the market for over 30 years, did you know that it is still considered by many to be in its infancy stage? This may seem shocking , but in fact, 30 years is considered to be relatively short compared to overall life insurance which has been around since the 18th century.
Given the early stages that CI is in, compared to other life insurance products currently in the market, many people don’t have a comprehensive understanding the protection it offers and its value. Given that advances in medicine are allowing us to live longer, CI was designed to protect consumers against unforeseen critical illnesses. Think you need to ramp up your knowledge on Critical Illness Insurance? My three-part series will cover current trends, the difference between CI and Life and Disability Insurance and the challenges you may face with CI claims. To kick things off, I’ll start with where it originated from.