Critical illness |
Terminal illness |
Provides coverage for a specific set of illnesses |
Provides coverage in the event of a terminal illness |
Provide a lump sum payment to the policyholder in the event of a covered illness |
Provide a lump sum payment to the policyholder in the event of a covered illness |
Coverage amount for critical illness insurance may vary based on the individual's policy and the cost of medical care. |
Coverage amount for terminal illness insurance may vary based on the individual's policy and the cost of medical care. |
May provide coverage for chronic conditions |
Terminal illness insurance does not provide coverage for chronic conditions |
Can use the payment for any purpose, including paying for medical expenses or covering other costs related to the illness. |
Can use the payment for any purpose, including paying for medical expenses or covering other costs related to the illness. |
Some critical illness insurance policies may have a waiting period before the policyholder can receive the lump sum payment |
Terminal illness insurance policies may not have a waiting period |