Critical Illness Insurance
- 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.
A health insurance policy rider.
serious illness insurance, disease coverage, health insurance benefit
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,
➥ Heath care decisions made to manage a disease.
- The process of discussing and agreeing to treatments and care plans for individuals with long-term health care needs.
- 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,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- 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.