If you're ill, you're unwell, or sick. Being ill is a good excuse for missing work or school.
You might get ill after being sneezed on by someone with a cold; or eating street food in a foreign country; or for no reason that you can point to. People can be mentally ill as well as physically ill, from depression or anxiety among other ailments. Ill can also mean "bad" in various ways, including when you suffer ill effects from going too long without sleep, or exercise ill judgment when you buy $500 worth of lottery tickets.