Critical illness ’should not mean bankruptcy’
A growing number of US residents are filing for bankruptcy as a result of suffering from a critical illness.
Writing for the Best Syndication website, Stan Kingstone highlighted a recent study from Harvard University which revealed that half of the country’s bankruptcies came about because of critical illness.
Pointing out that critical illness insurance provides a lump-sum payment if an individual suffers from a serious condition such as cancer, stroke, paralysis or a heart attack, Mr Kingstone stated that the need for such cover is increasing.
"Now that medical progress and early detection are helping more people live through serious illnesses, people need to plan for how they’re going to financially survive the aftermath," Marlene Jupiter, an author and personal finance expert, told the writer.
"Many people aren’t aware of the financial consequence of surviving a critical illness, especially if they’re unable to work for an extended period of time while they recover," she added.
UK insurance provider Norwich Union recently reported an increase in its critical illness payouts, attributing the rise to new initiatives intended to reduce the number of people who do not disclose existing medical conditions on their protection application forms.
The Insurance Helpline specialises in obtaining cover for people with medical conditions
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