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Most Critical Illness policies cover the Big Four Critical Illness conditions of :-
plus Permanent and Total Disability. ( This may be defined so tightly as to mean a basket case, but many are " own occupation" and therefore normally pay out on deafness, blindness, loss of limbs*).
Most Critical Illness policies also include some rarer, but high profile conditions such as Multiple Sclerosis, Muscular Dystrophy, kidney (renal) failure, major organ transplant, terminal illness, ( a catch-all term for other conditions that normally pays out when 6 or 12 months to live ).
The worried should note that the combination of Heart Attack, Stroke, Cancer, and Coronary Artery Bypass Surgery account for almost all critical illness policy claims, and while other problems do exist the actual numbers affected are very small. It is simply one of those things that you cannot cover all eventualities, and some people will be unlucky. It is unlikely to be you who is that unlucky.
*In the early part of 1996 there has been trade coverage of disputes over the application of Permanent and Total Disability clauses defined by "own occupation". In a nutshell a generous definition in the policy is being tightly treated in the event of a claim, leading to dissatisfied claimants. While not wishing to comments on the rights and wrongs of such cases I would make the following comments for anyone considering this kind of policy:-
1) PTD claims are only a small proportion of actual claims. ( I.e. you are most likely to claim for Cancer, Heart Attack, etc.). Worrying about PTD should not prevent you buying a policy, although it might, in consultation with your IFA, influence your choice of Insurance company.
2) If the definition appears generous, ( i.e. "own occupation" ), then be suspicious and assume the worst, ( i.e. that whatever they say, they mean "wheelchair") This is of most concern to people whose occupation covers a multitude of potential activities, and where physical ability is important for some, but not all, of them. If you know that a modest physical impairment would prevent you doing your job, but that this level of problem would not stop most people working then you should either assume that you might not be able to make a valid, ( or uncontested claim ), or ask for extra underwriting and written confirmations at application stage.
At most risk are people who have an active job, but where the option of "flying a desk" might be available, or be perceived to be available by an Insurance Company faced with a claim. A "salesman" might think that being unable to drive is cause for a claim because he drives round all his prospects. An Insurance Company might think that he would be better suited to telesales, or sales support, rather than pay a claim.
If there is a specific physical skill or ability essential to your job, ( e.g. driving ), get confirmation at application stage that that skill is covered. ( At worst they will decline, and you can decide to take the risk. They might accept, but with a loading, and they might accept anyway because they would expect to pay such claims as standard).