Critical illness Insurance is often arranged as an optional addition to your life insurance policy. It can also be arranged as a stand-alone policy. It pays out a tax free lump sum. It pays out does upon diagnosis of one of a range of specified serious illnesses such as:
- Cancer (of specified types)
- Coronary artery by-pass surgery
- Heart Attack (of specified type / severity)
- Kidney Failure
- Major Organ transplant
- Multiple Sclerosis
This is not a definitive list – many more illnesses are covered and do vary between insurer’s.