accelerated critical illness

Meanings

1. Insurance that pays out a lump sum benefit on either the death or diagnosis of a serious (life-threatening) illness in the life assured within the term of the policy, and nothing on healthy survival to the end of the term.

Etymology

On the assumption that any illness covered by the critical illness portion of the insurance is potentially terminal, this is equivalent to a term assurance contract whose benefit payment is brought forward (accelerated) to the point of diagnosis of terminal illness, rather than waiting for actual death.