Illness Insurance or Critical Illness insurance, which is also called Critical Care insurance or Critical Illness coverage, is insurance to cover specific qualifying illnesses (as specified in your policy) to provide a lump-sum cash benefit to help cover expenses.
What are “critical illnesses”?
Each policy lists the illness it covers. Typically, they are things like:
- Cancer
- Heart Attack
- Stroke
What are the benefits of this type of insurance?
Critical illness insurance typically pays a lump-sum, tax-free, cash payment if you are diagnosed with one of the critical illnesses covered by your policy. You do have to live past the survival period specified.
Who provides this type of insurance?
Most major medical insurance companies sell this type of insurance. See the list below for some examples