A life insurance instrument that combines life insurance with a catastrophic medical health benefit is presented. The described life insurance instrument provides a monetary sum to the insured or a beneficiary on the occurrence of death of the insured, and a payment of healthcare expenses to selected healthcare systems for a defined catastrophic illness during a defined time period based on an agreed upon sum for the treatment of defined catastrophic illnesses for the insured in exchange for annual payments during said defined time period. This life insurance instrument 1) benefits an individual by preserving his or her accumulated wealth from the costs of treatment of a catastrophic illness at selected healthcare systems duπng a set time peπod, 2) benefits the healthcare systems by increasing the number of potential future paying patients, and 3) provides financial benefits to the provider of the life insurance when the individual survives the catastrophic illness.