Contracts that are a sub-category of long-term insurance contracts, e.g. critical illness and income protection, in respect of which: (a) the benefits are payable only on death or in respect of incapacity due to injury, sickness or infirmity; (b) the benefits are payable on death (other than accidental death) only where death occurs within 10 years of the date on which the person in question was first insured, or where death occurs before that person attains a specified age not exceeding 70 years; (c) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed the premium; (d) the contract makes no provision for conversion or extension causing it not to comply with (a), (b) or (c); and (e) the contract is not one of reinsurance. These contracts are governed by the Insurance: Conduct of Business rules. Long-term care is regulated as an investment product and therefore excluded from the definition.