The phrase "illness benefit" refers to financial assistance or compensation provided to a person who is unable to work due to a sickness or medical condition. Full definition
However death benefit would get reduced to the extent of critical illness benefit paid. (myinvestmentideas.com)
In the event of an unfortunate death, the nominee will receive the chosen lump - sum amount less the terminal illness benefit already paid. (comparepolicy.com)
Consumers can be understandably confused by the separation of chronic illness benefits from long - term care, as both seem to fall essentially into the same category. (investopedia.com)