Critical Illness

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.

Acronyms
CI