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Critical illness insurance 'is better financially' than life insurance

Critical illness cover represents a better financial solution than life insurance policies, it has been claimed. According to Dr Marius Bernard, the South African surgeon, a critical illness policy, which provides a lump sum payment in the event of your becoming seriously ill, is more practical given advances in medicine.Moreover, with life expectancy having increased, coupled with doctors' ability to diagnose illnesses early, critical illness covers more eventualities than life insurance, he added. He explained: "If you die at 30, life insurance was more important, but if you get a critical illness at 55, or 45 when you are at the height of your earning ability and you have an operation and survive another ten to 20 years, then Critical Illness Insurance was more important."Where workability decreases and the ability to provide for your financial needs diminishes, I think that the critical illness policy is much better." Dr Bernard conceived the first ever critical illness insurance policy in 1983.

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