Medical care can be very expensive, especially if an illness is critical. A study by a major insurance company found that a major sickness, such as cancer or a heart attack, can drain a family out of more than $12,000 within the first year of a diagnosis.
A life-threatening condition can be diagnosed at any time, which is why having life insurance before one thinks they'll need it is so important. In the event of an untimely event, a life insurance policy can be used to replenish funds used to treat a sickness.
Even those with health insurance still ended up having to use additional funds for treatment. The survey also revealed that nearly half of those surveyed have less than $5,000 set aside to help cover expenses for a major illness.
Many people think that they don't have a high probability of getting a deadly sickness. Some forms of cancer are more common than others. Lung cancer, for example, has a higher mortality than other forms. According to the American Cancer Society, approximately one in thirteen men and one in sixteen women will develop lung cancer in their lifetime.