Critical Illness Insurance

Definition

  • An insurance policy that provides coverage in the event that the policyholder contracts a critical or catastrophic illness. What constitutes a critical or catastrophic illness differs depending on the insurance policy, but conditions covered usually include long-term hospitalization, heart attack, stroke or cancer. Critical illness insurance, also known as "catastrophic illness insurance", generally provides benefits in the form of a one-time lump sum payment.

Notes
A health insurance policy rider.

Synonyms
serious illness insurance, disease coverage, health insurance benefit

Acronyms
CII

Related Terms and Acronyms

  • Activities of Daily Living (ADL) Acronym, Important,
    • Physical activities an average individual is capable of doing on a normal day.
  • Burial Insurance Definition,
    • Insurance that provides coverage for funeral expenses.
  • Creditor Insurance Definition,
    • Insurance that repays debt if the borrower cannot.
  • Disease Management (DM) Acronym, Important,
    • The process of discussing and agreeing to treatments and care plans for individuals with long-term health care needs.
    Heath care decisions made to manage a disease.
  • Dread Disease Rider Definition,
    • Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
  • Health Insurance (HI) Acronym,
    • Insurance that covers the costs of medical expenses for insured persons.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Long Term Care Insurance (LTC) Acronym, Important,
    • Insurance that covers health care costs for individuals with chronic or disabling conditions.
  • Residual Benefit Definition,
    • Insurance benefits paid to individuals who lose income due to a covered disability.
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