What happens to the family when the head of the household faces a life-threatening illness such as a stroke or cancer?

• American Cancer Society estimates that one in two men and one in three women will be diagnosed with cancer over the course of their lifetime
• American Heart Association estimates that one in four Americans will suffer a heart attack in their lifetime.
• There are 10 incidents of Cardiovascular Disease, Cancer or Stroke every 10 minutes
• 1.3 million Americans were diagnosed with cancer in 2005
• 66% of all costs associated with cancer are not covered by health insurance
• Nearly 50% of mortgage foreclosures are due to a critical illness; only 3% are due to death

«The financial burdens related to a critical illness often outlast the treatment and recovery period,» according to Randy Stram, MetLife vice president, Critical Illness Insurance.

«With many Americans living paycheck to paycheck, some are not aware or prepared for the financial impact should they experience a major illness. Thanks to medical breakthroughs individuals can be optimistic about surviving these illnesses, but they must be realistic that survival can present financial challenges depending upon their life stage,» adds Stram.

Critical illness insurance typically provides a tax-free lump sum of cash usually 30 days after the diagnosis of life-altering illnesses, such as a heart attack, stroke or cancer. It helps you cover the indirect costs of suffering a serious illness with money you can use for anything you need, even experimental treatment in some cases. It can allow you to focus on recovery rather than worrying about finances.
While such coverage is growing in countries like Canada, the UK and Japan -- it appears to be just getting a foothold here in the U.S.

Some companies that offer Critical illness insurance:
Sunlife
MetLife
ING (for employers)
Mutual of Omaha