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Critical Illness
This works in a similar way to life insurance in that it can either be paid as a lump sum or as a monthly income in the form of a family income benefit, however this policy will pay out upon diagnosis of a specified critical illness such as cancer, heart attack, stroke etc.
Most policies now include cover for additional, less severe conditions as well as children’s critical illness cover that pays out if one of your children are diagnosed with a critical illness, which can allow you to take time off work to be with them, use the money for private treatment etc. This policy is commonly used to cover a mortgage, but can also be used for individual purposes to ensure you and your family have sufficient funds to allow you to concentrate on your recovery, to pay for private treatment etc.