Should You Get Child Critical Illness Insurance?
Your child’s serious illness is a strain on your family emotionally and financially.
You need to take time off work to be with your child. Some employees can take personal days off or use vacation time, but paid time off is usually limited for most Canadians. Child critical illness insurance can ease the strain on you and your family.
Your Western life insurance expert can explain to you how child critical life insurance can help your family through your child’s illness.
We will take the time to explain the benefits of child critical illness insurance and why it’s important to have it in place should your child be diagnosed with a serious illness. It can give you peace of mind and financial help while you are focusing on your child’s recovery.
Here’s what you need to know:
What is child critical illness insurance?
Children can be vulnerable to many of the same diseases as adults, including cancer, heart diseases, accident and functional loss such as a brain injury or coma, and organ failure, among others.
Ask your Western life insurance expert to go over the list of what is covered and what is not for child critical illness insurance.
Children are covered until their 24th birthday for these five childhood illnesses: cerebral palsy, congenital heart disease, cystic fibrosis, muscular dystrophy, and type 1 diabetes mellitus.
The lump sum benefit can range from $25,000 to $2 million.
What is the benefit of child critical illness insurance?
Critical illness insurance pays out a tax-free lump sum amount if your child suffers a covered illness and survives for 30 days, but some policies may have longer waiting periods, depending on the type of disease.
The diagnosis must be made by a qualified physician or specialist, licensed to practice medicine in Canada, and specializes in the illness or disease for which a claim is being made.
Your child is entitled to collect the entire benefit even if they make a full recovery. Usually only one claim can be made for the same illness during the entire policy term, but some policies offer multiple claims. Check with your Western life insurance expert.
This money can be used to help cover additional care costs, such as an in-home care assistant, extra medical equipment, cost of medication not covered by insurance plans, and other healthcare-related items.
It can also be used to cover non-medical expenses, such as lost income or mortgage payments.
Child critical illness insurance gives you the financial protection to be able to take time off work to care for your child.
When do I purchase child critical illness insurance?
Child critical illness insurance coverage usually can be purchased after your child is one month old and up to the age of 25.
Ask your Western life insurance expert about coverage for your children.
Other advantages of child critical illness insurance
The premiums for child critical life insurance are low and generally guaranteed.
If your child continues this coverage into adulthood, the coverage continues with the same rates.
With some children’s critical illness policies, premiums are only paid during childhood, but coverage can continue into adulthood. Be sure to discuss this aspect of child critical life insurance with your Western life insurance expert.
Does my critical illness policy cover my sick child?
Usually, your critical illness insurance policy will only cover your diagnosis and does not cover the diagnosis of your seriously ill child.
That’s another reason to consider child critical illness insurance.
Can I get child critical illness insurance after my child gets seriously ill?
No, not if your child is currently being treated for a critical illness.
What happens to child critical life insurance if my child doesn’t get seriously ill?
There is an optional Return of Premium on cancellation or expiry at a certain number of years where 100% of all premiums paid will be returned to owner. Some even have a partial return of premium when child turns 25.
What else can I do to protect my child?
You can purchase a children’s life insurance policy, either as a rider on your life insurance policy as the parent or guardian, or as a stand-alone policy for your child. Discuss this with your Western insurance expert.
Plan how life insurance can meet your family’s needs
Life insurance can help meet your family’s needs, but your needs can change over the years. It’s a good idea to keep reassessing how your life insurance will meet your family’s needs.
Your Western life insurance expert can speak to you about how life insurance can benefit your family.
Western Insurance has over 40 licensed LIFE INSURANCE EXPERTS across Canada. Our experts are available now in branch or on the phone to help you navigate the life insurance journey that will give you the right policy to protect yourself, your investments, and your family.
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