A critical illness provision in your Life Insurance policy functions similarly to the chronic illness rider but is specifically designed for certain diagnosed conditions. Many critical illnesses covered include strokes, heart attacks, kidney failure, paralysis, and cancer. This provision allows you to access a portion of your death benefit upon diagnosis of a covered condition.

Coverage details and restrictions can vary by insurance carrier.

A chronic illness provision in your Life Insurance policy gives you the ability to access a portion of your death benefit if you develop a chronic condition. Insurance providers have specific criteria that must be met to make a chronic illness claim. A common requirement is verification from a medical professional that you're unable to independently perform 2 of 6 activities of daily living.

The activities of daily living are eating, bathing, dressing, toileting, transferring (moving from bed to chair), and maintaining continence.

A terminal illness provision in your Life Insurance policy enables early access to a portion of your death benefit if you receive a terminal diagnosis. Most insurance companies require certification from a doctor that you have a limited life expectancy - commonly 24 months or less - to qualify for this option. Keep in mind that when you use this provision to receive funds early, it will decrease the amount your beneficiary will receive upon your death by the same amount you withdrew.