New Study Released: Impact of Illness on Family Finances

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A major insurance company completes study on "Critical Illness Financial Impact" which revealed a financial protection gap for families and individuals.

A new survey released by Metlife indicated a large financial protection gap for most individuals in case of disability or a major illness. This problem, simply stated, comes from insufficient savings that individuals have available when they have a serious illness or accident.

There have been other studies that show that one should be prepared to financially to manage a major illness or accident. American Heart Association statistics estimate that about one of four Americans will have a heart attack during their life. The American Cancer Society states that approximately and one out of three women and one of two men will be diagnosed with cancer over the course of their lifetime.

Consumers should be aware of the potential financial drain caused by illness on top of the loss of income while ill or because of an accident.

The survey, done by Metlife, included some of the following results:

When asked how much in reserve they had in personal savings in the event that they or their spouse were diagnosed with a major illness, 22% of those involved with the survey indicated that they had no money available in personal savings and another 21% have less than $1,000, 16% $1000 to $5000 with 28% over $5000.

The importance of Disability Insurance

The survey results showed 57% of participants do not have disability income insurance either through work or individually owned. Even among those who do have disability insurance, a great number of people (51%) who did have this kind of coverage did not know what benefit they could collect if they suffered a covered disability.

The survey demonstrates the great number of people who have inadequate savings, a situation made worse by an illness of accident that would stop their paychecks. This is where the importance of adequate disability insurance comes in.

With the internet, information on disability insurance and the statistics involved in this crucial part of financial planning are available at the leading online disability insurance sites that specialize in this subject such as http://www.protectyourincome.com. Using web sites like this, an individual can access important information on this subject and even request quotes from the leading companies for disability insurance. The disability sites follow the use of the internet for quoting other insurance programs such as term life insurance and other types of life insurance at comprehensive life insurance sites such as http://www.lifeinsure.com .

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Richard Reich
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