Nobody likes to think that they might be struck down by a serious illness in the future. But if this were to happen, extra financial protection could be vital. Here are some frequently asked questions on this topic. Q: What is critical illness cover? A: Insurance that pays out on the diagnosis of, usually, one of the six core specified critical conditions. Q: What medical conditions are covered? A: The illnesses covered vary from policy to policy, but typically include: cancer, heart attack/coronary bypass surgery, kidney failure, major organ transplant, multiple sclerosis and stroke. Q: After diagnosis, how soon would a benefit be paid? A: Generally within 14 days of a specified illness being diagnosed. However, this varies depending on the specific insurer. Q: Are benefit payments taxable? A: No, payments are completely tax free. Q: What could I use the benefit payments for? A: The choice is yours. For example, you may wish to repay an outstanding mortgage, clear other liabilities or pay for additional medical treatment.