Critical illness cover is designed to pay out if you are diagnosed with a serious illness that is listed in your policy. Not every condition is covered, so it is important to check which illnesses are included and which are not. Life insurance, on the other hand, is designed to pay out when you die, helping to give your loved one’s financial support at a difficult time. This could be used to help pay off a mortgage, clear other debts or provide a lump sum for your family.