Critical Illness Insurance
Policies paying a single lump sum on first diagnosis of a covered serious condition such as cancer or stroke.
Overview
Covered conditions typically include heart attack, stroke, cancer, kidney failure, and major organ transplant, with exact contract definitions controlling. The cash is unrestricted: deductibles, mortgage payments, travel for treatment, or income during recovery. Policies specify conditions and stages precisely, so early stage cancers may pay partially or nothing, and survival periods, often 14 to 30 days, must be met. Coverage is sold as fixed sums from 10,000 to 100,000 dollars with no bills to submit. It complements rather than replaces disability or major medical coverage, filling gaps such as high deductibles or the income dip when a spouse takes caregiving leave.
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