Related Topics:
Choosing the life insurance policy | Product descriptions | Disability income insurance | Long term care insurance | Annuities | Segregated funds

Some insurance companies provide critical illness insurance, which pays a lump sum in the event of a specific critical illness being diagnosed.

These usually include heart attacks, strokes, cancer - more than 90 per cent of all claims are caused by these three illnesses - as well as other critical illnesses including major organ surgery, coronary artery bypass surgery, kidney failure or total disability.

The important factor is that the insurance companies will pay out on a proven diagnosis.

Critical Illness coverage is offered in several forms and can often be added as a rider to a policy including universal life, and on a stand-alone basis (without a death benefit).

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Related Topics:
Choosing the life insurance policy | Product descriptions | Disability income insurance | Long term care insurance | Annuities | Segregated funds