Considering just how many lives are wrecked by critical illnesses such as heart disease, cancer and stroke, it is surprising that more people do not take out critical illness insurance.

The principle is straightforward; in the event of an illness being diagnosed, the insurance company will pay out a lump sum after a survival period. Often, critical illness cover is combined with other types of insurance and may even provide an investment element so that, for example, a given sum will be paid out on the death of the insured.

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