Critical Illness Insurance for Children - Why You Should Have Protection

Scott McEachern |

Talking about insurance can be tough. Thinking about dying or getting sick is not always a fun conversation to have though we try our best to make you smile every meeting. Imagine the looks we get when we ask to consider the financial impact of a child getting sick. Again, it's not a fun conversation, but it's sooo important.  

While it may not be a common consideration for many parents, critical illness insurance for children can provide valuable financial protection in the event that the child is diagnosed with a covered condition. Here are some reasons why critical illness insurance for children can be beneficial to your family:

  1. Financial Protection: A child diagnosed with a critical illness may require specialized medical treatments, therapies, or even travel expenses for seeking the best available care. Critical illness insurance can provide a lump sum payment that can help cover these expenses and alleviate the financial burden on the family.

  2. Income Replacement: If a parent needs to take time off work to care for their sick child, critical illness insurance can provide income replacement during that period. This can help ensure that the family's financial obligations, such as mortgage payments or other bills, are still met.

  3. Future Insurability: Purchasing critical illness insurance for a child can help secure their future insurability. If a child is diagnosed with a critical illness, it may become challenging for them to obtain insurance coverage later in life. Having critical illness insurance in childhood can provide a foundation for continued coverage as an adult.

  4. Additional Support: Critical illness insurance for children may offer additional benefits beyond the financial aspect. Some policies may include access to support services such as counseling, second medical opinions, or rehabilitation programs, which can be valuable resources during the child's treatment and recovery.

  5. Coverage for Childhood-Specific Illnesses: Children can be susceptible to certain critical illnesses that are specific to their age group, such as certain types of cancers or congenital conditions. Critical illness insurance can provide coverage for these illnesses, ensuring that the child has financial support for their treatment.

  6. Potential Cost Savings: Premiums for critical illness insurance are generally lower when purchased for a child compared to an adult. Starting a policy for a child at a young age can lock in lower premiums and potentially save money in the long run.

It's important to carefully review the terms and conditions of any critical illness insurance policy for children, as coverage and exclusions may vary among insurance providers. It is our job as your advisors to help you assess your child's specific needs and guide you in choosing an appropriate policy. Contact us today for a free no-obligation quote and I am happy to show you what policies we have on our children.