What is the primary function of high maximum lifetime limits in a Major Medical Policy?

The primary function of high maximum lifetime limits in a Major Medical Policy is to provide extensive coverage for catastrophic events. These policies are designed to protect policyholders from significant financial loss due to serious illnesses or accidents that could result in extraordinarily high medical expenses. By setting high lifetime limits, insurance companies can ensure that policyholders have access to necessary medical care without facing insurmountable financial burdens in extreme situations. This arrangement encourages individuals to seek help in critical health scenarios without the fear of exceeding their insurance coverage, thereby safeguarding their financial well-being during catastrophic events.