Definition
Survival Period (Critical Illness)
The survival period is the minimum number of days a critical-illness policyholder must survive after diagnosis for the benefit to become payable.
Critical illness plans commonly require the insured to survive a defined period (often around 15 to 30 days) after the first diagnosis of a covered illness before paying the lump sum. If death occurs within this window, the CI benefit may not be payable.
The survival period protects insurers against claims where the illness is rapidly fatal and ensures the benefit serves its purpose of supporting the patient during treatment and recovery. Buyers should note the survival period and the precise medical definitions when comparing CI plans.
Related terms
- Critical Illness CoverCritical illness cover pays a lump sum on first diagnosis of a listed serious illness such as cancer, heart attack or stroke, regardless of treatment cost.
- Morbidity TableA morbidity table shows the probability of falling ill, being injured or becoming disabled at each age, used to price health and disability insurance.
- ExclusionAn exclusion is a specified condition, event or circumstance that an insurance policy does not cover.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.