Typical critical illness insurance products refer to policies where the insurer pays the policyholder a pre-determined lump sum cash payment if the policyholder is diagnosed with a critical illness listed in the policy. (en.wikipedia.org)
If you are diagnosed one of these illnesses while you're a policyholder, your insurer will typically pay you a lump sum cash payment. (policygenius.com)
Single premium policies — which you fund with a lump sum cash payment at purchase — qualify as MECs. (sapling.com)