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