Which type of insurance pays out for serious illnesses like heart attack?

Critical illness insurance is specifically designed to provide a lump-sum payment if the policyholder is diagnosed with a serious illness, such as a heart attack, stroke, or cancer. This financial benefit can help cover medical costs, lost income, or other expenses that may arise during treatment and recovery, giving the insured additional support during a challenging time.

Long-term care insurance primarily covers services related to chronic illnesses or disabilities that require long-term assistance with daily activities, rather than specific critical illnesses. Disability insurance, on the other hand, provides income support if someone is unable to work due to an illness or injury but does not specifically pay for the diagnosis of a critical illness itself. Term life insurance pays a benefit upon the death of the insured but does not provide financial assistance for the medical costs or living expenses incurred due to a serious illness like a heart attack. Therefore, critical illness insurance is the correct type of insurance for such scenarios.