How proper insurance planning can save a financial life

Supplemental Health InsuranceBreast cancer awareness month, October, is reminding people of the importance of proper insurance in order to protect themselves, their businesses, and their financial wellbeing in the case that they should receive a cancer diagnosis.

Current statistics show that one out of every eight women will receive a diagnosis of breast cancer in their lifetimes, and the impact on their financial lives can be catastrophic.

The Macmillan Cancer Support Charity’s data shows that among all cancer sufferers, 36 percent must face a significant decrease in their household income following a diagnosis. Those who are younger than 55 years old deal with an even greater possibility of a sharp decrease in household income, as it is the case among 71 percent of them. On average, half of all households have a notably smaller income when cancer walks in the door.

Many financial plans are now starting to include suggested  supplemental health insurance as one of the tools to help protect income and savings from the financial effects of major illness. These types of plans are usually low cost and not to be confused with Medigap plans.

There is also, insurance for income protection or disability insurance, which can provide policyholders with a monthly income should they be incapable of working as a result of a covered illness. Some policies provide benefits until the individual is capable of returning to work, or until retirement. That said, it should not be mistaken for sickness, accident, or unemployment insurance, as those forms of protection provide a limited amount of money and could include a set period of time – usually one year or when no more medical procedures are required. in observance of breast cancer awareness month, a donation will go to Susan G. Komen Foundation for every insurance quote requested.

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