Should you buy Critical Illness Insurance for your child?

Life Insurance Planning

Should you buy Critical Illness Insurance for your child?

CI Child

Your child’s serious illness can affect the whole family physically, emotionally & financially. Child critical illness insurance can ease the strain.

Michael Ellis says he’ll never forget the day the doctor called him to tell him his daughter, Chloe was ill. Earlier that day, Chloe had blood work done, and the results showed her blood sugar levels were sky high. He knew his daughter wasn’t well, but he had no idea of the magnitude of the problem. When the doctor called, he said, I’m surprised she’s still standing, go to the closest emergency room immediately. Ellis rushed to his local hospital, and that day his daughter was diagnosed with type 1 diabetes. In the days after the incident, Ellis and his wife took time off to be at the hospital with their daughter.

What is child critical illness insurance (CII)?
Like the Ellises, many parents take time off work when their child is sick. While some employees can take personal days off, paid time off is limited for most Canadians and many working Canadians (i.e. self-employed and contract workers) don’t have the benefit of any paid time off.

While Ellis’s daughter was in the hospital for 1 week, children diagnosed with other illnesses may have to stay in the hospital for months at a time, and during that time bills can pile up quickly. Ellis says during that time, having critical illness insurance for Chloe made taking time off work to be with his daughter less stressful. “Knowing that there was a lump sum of cash to help us cover expenses gave me peace of mind,” says Ellis.

What are the benefits of child critical illness insurance?
Here are 4 reasons parents and grandparents protect their little ones with CII:

1. You can use the money to cover the cost of medical treatments not covered by your provincial or private health coverage. For example, out-of-pocket costs for medications, devices and treatments needed to manage diabetes cost the typical Canadian living with the disease more than $1,500 annually, according to a 2011 report by Diabetes Canada.
2. The coverage allows you and your partner to take time off work to care for your child without having to worry about money.
3. The funds you receive can pay for non-medical costs you may incur, such as hospital parking, taxis or hotel accommodations if you have to visit out-of-town specialists.
4. Premiums are low and guaranteed, and coverage continues into adulthood. That means your children can continue to receive coverage as adults at a lower rate than if they applied for CII as adults.

To read the rest of this important article by SunLife, CLICK HERE. If you have questions be sure to contact Harry or David.