Jargon Buster - Definition of Critical Illness Insurance

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Critical Illness Insurance

is an insurance policy that pays a sum of money upon diagnosis of a specified illness or event. This type of policy is often combined with Life Insurance due to the competitive price of a combined product.

Examples of covered illnesses are:

  • Angioplasty
  • Alzheimer's disease
  • Coma
  • Heart Bypass Surgery
  • Kidney Failure
  • Liver Failure
  • Invasive Forms of Cancer
  • Multiple Sclerosis
  • Parkinson's disease
  • Serious Heart Attacks
  • Strokes
  • Third Degree Burns

Critical Illness Policies can be taken out on a increasing, level or decreasing basis which means that the benefit either increases, remains the same or decreases throughout the term of the policy. Premiums are usually either reviewable or guaranteed which can affect whether your premiums change during the term of your policy.

See Also:

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

If you are in doubt of the meaning of any terms, why not email us on