Term life insurance pays out a lump sum to your named beneficiaries if you pass away during the policy term, primarily designed to protect dependents financially after your death. Critical illness cover, by contrast, pays out a lump sum to you directly if you're diagnosed with a specified serious illness covered by the policy, while you're still alive, intended to help cover treatment costs or replace lost income during recovery rather than to support beneficiaries after death, making the two products complementary rather than substitutes for one another.
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