Critical illness not to hurt your bank account, too

In the time it takes to read this sentence, notes of a critical illness may have forced American another file for bankruptcy. It could be as a result of her own illness or a beloved one, but the same result: half of all bankruptcies are due to serious illness, according to a recent study, and Harvard - 75 percent were forced to submit despite having health insurance.

One has a new option consumers to help cover all the expenses associated with critical illness is called, appropriately, critical illness insurance. This specialized insurance provides a sum lump sum was a subscriber of certain specific critical conditions.

Now, one of the few companies that offer this insurance is Stonebridge Life Insurance Company. However, experts say that Americans continue to survive critical ailments were fatal just a few years ago, is increasing the need for insurance. Stonebridge Life Insurance Company gives to the insured a lump sum of up to $50,000 as it is diagnosed from a covered cancer, stroke, paralysis or a heart attack. The payment is intended to help people to cover basic expenses, such as mortgage payments, safe car, grocery, ballet even child care classes.

"Not many people are aware of the financial implications of survive a critical illness, especially if they are unable to work for a prolonged period of time while he recovers," said Marlene Jupiter, author and personal finance expert. "Now that the progress of medicine and early detection are helping more people to live through serious illness, people need to plan how they will financially survive the aftermath".

For as low as $20 monthly premiums, Stonebridge Life critical illness insurance is a product of direct to consumer offering options of payment of the sum of $10,000, $20,000, $30,000 and $50,000. As an additional benefit, the plan provides a return of premium option. Customers who enroll before the age of 50 and select this option may receive their bonuses paid in its entirety if they don't complain before age 65.

"There is a growing need for critical illness insurance because it helps close the gap between the plans of health and disability, ensuring that the survivors are supported financially through their recovery process," explained Lew Whalen, vice president of Stonebridge.