What a critical illness policy does
Critical illness insurance can pay a lump-sum benefit when the insured satisfies the definition of a covered condition, and all contractual conditions such as waiting or survival periods are met. The proceeds may help support household expenses, recovery costs, debt or time away from work.
A diagnosis alone does not guarantee a payment; each covered condition has defined severity or diagnostic requirements.
Features to compare
- Covered conditions and detailed claim definitions
- Survival periods and any waiting periods
- Partial payments for selected lower-severity conditions, where available
- Return-of-premium options and associated cost
- Term coverage, renewable provisions and conversion rights
- Individual, family and corporate ownership considerations
Why medical definitions matter
Two critical illness contracts can feature similar lists of conditions but materially different definitions. For example, exclusions for early-stage conditions, neurological symptoms or specific cancers can change claim eligibility.
Request the insurer’s contractual definitions and understand any exclusions or pre-existing condition clauses before purchasing.