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Term Assurance and Whole of Life Policies can also include Critical illness benefit which will pay the sum assured in the event of the policyholder suffering one of a defined list of critical illnesses or disabilities during the term of the plan. If this happens, the cover will normally end although some policies have additional cost option features which can include the reinstating of the death benefit, a feature which may be very important at such a time. This type of benefit can be set up on a stand alone basis and may appear more sensible for single people with no financial dependants. However, depending on circumstances, it is often very cost effective and sometimes cheaper to include it within a life cover policy on a first event basis.
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