Types of Insurance

Critical illness insurance is an insurance product; the insurer agrees to pay a lump sum cash payment if the policy holder is diagnosed with one of the critical illnesses listed in the insurance policy. The policy may also include a system in which they pay out regular income and the payout may also be on the policy holder undergoing a surgical procedure, for example, having a heart bypass operation. The term and conditions will vary with each different policy. The critical illness insurance policy may require the policyholder to survive a minimum number of days from when the illness first got diagnosed. The survival can vary but the most common survival periods used are 28 and 30 days.