Monday, December 19, 2005
Setting Up A Pool For Critical Illness
People save for retirement, college expenses and even take out long-term-care insurance. But rarely do they set aside a segregated pool of assets to pay expenses in the event of a serious illness.
A recent survey by MetLife Inc. found that more than 40 percent of those surveyed had less than $1,000 put aside for medical expenses.
"They need to, unfortunately, recognize that there's a significant likelihood that they will be diagnosed with a serious illness in their lifetime," said Randy Stram, a vice president at MetLife who concentrates on critical-illness insurance.
Almost half of respondents in the MetLife survey said they would either borrow against retirement savings or use a home-equity line of credit to pay the expenses. A quarter said they would have to borrow from friends or family members.
Setting Up A Pool For Critical Illness
Source: Boston.com
A recent survey by MetLife Inc. found that more than 40 percent of those surveyed had less than $1,000 put aside for medical expenses.
"They need to, unfortunately, recognize that there's a significant likelihood that they will be diagnosed with a serious illness in their lifetime," said Randy Stram, a vice president at MetLife who concentrates on critical-illness insurance.
Almost half of respondents in the MetLife survey said they would either borrow against retirement savings or use a home-equity line of credit to pay the expenses. A quarter said they would have to borrow from friends or family members.
Setting Up A Pool For Critical Illness
Source: Boston.com
Permalink posted by armandn @ 6:31 AM 
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