Warning: pricey insurance may never pay out

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You may think you are covering all the bases by buying an insurance policy that pays out if you suffer from a long-term illness that leaves you unable to work. These policies are not cheap - they cost far more than critical illness insurance, and are seen as the superior option for those that can afford it.

But a study has revealed that it may be a complete waste of money, as some policies are highly unlikely ever to pay out.