Most Americans aren't aware of the importance of critical illness insurance—and that's something that needs to change, experts say.
Critical illness insurance has only recently become available in the United States, explains Jesse Slome, executive director of the American Association for Critical Illness Insurance. The insurance pays a lump sum cash payment upon diagnosis of cancer, a heart attack or stroke.
"There were 1.5 million new cancer cases in the U.S. over the past 12 months," Slome say. "Illnesses are the leading reason millions of Americans have declared bankruptcy which doesn't have to happen if you understand your options and plan ahead."
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