Critical illness insurance has only been around since 1983. Here's how it works:
If your application for critical illness insurance is accepted and you get struck with a major health issue - like cancer, stroke, or heart attack - the policy pays out a lump sum. The idea is that it will replace income while you're off work and make life easier for you and your family.
Depending on the insurance package you choose, different medical conditions are covered. Basic plans cover stroke, heart attack, and cancer diagnoses. Some more elaborate plans cover up to 25 different conditions including blindness, deafness, and kidney failure.
We've so far had no success finding insurance companies that offer critical illness insurance for the common cold, hangnails, or headaches caused by being pitched too hard by a non-Castle insurance broker.