Also known as 'dread disease'. Such policies can stand alone or maybe written as an add-on to a variety of other contracts e.g. whole of life. Critical illness policies pay out a tax-free capital sum in the event of a qualifying illness being diagnosed e.g. certain cancers. This is an advance of the sum assured, rather than a surrender of the policy.

Insurance coverage that provides a lump sum payment upon first diagnosis of a covered "critical illness." Covered Critical Illnesses are: Cancer, Carcinoma-in-Situ, Heart Attack, Stroke, End Stage Renal Disease, Major Organ Transplant Surgery, Quadriplegia, Coronary Artery Bypass Surgery, Balloon Angioplasty, Stent, or Laser Relief Obstruction Procedures.

a serious or terminal illness or condition

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a health related condition where the patient has a good chance of surviving