No one wants to think about the possibility of their child becoming critically ill, but what if it does happen? Would you have the available financial resources to:
•Take time off work to be with your child?
•Choose the care available?
•Focus on your child’s recovery and not financial concerns?
A critical illness not only affects the physical well-being of your child but may cause financial and emotional strain on the family. It’s an unfortunate reality that childhood critical illnesses do exist.
Insurers have developed stand-alone critical illness insurance which is designed specifically for children. It can help by providing a lump-sum benefit if your child is diagnosed with an insured critical condition. You are then able to use the funds in any way that you value the most, for example, to get treatment that may otherwise not be available or to take time off work to be with your child.
If the unthinkable never happens, you have provided your child with the opportunity to convert the child critical illness insurance to an adult policy. This may not appear to be much of an “opportunity” however it’s a guaranteed acceptance. No matter if your child’s personal or family medical history has changed over the years, it will not preclude them for converting their policy.
The optional return of premium rider at expiry returns eligible premiums to you when your child turns 25 and has not had a claim. This lump sum return of your premiums can be used by the policy owner in any way they choose.
Critical Illness policies also offer an illness benefit for things like early intervention treatment and advances for surgery.
Whether you’re a parent or a grandparent you can provide this valuable form of insurance coverage for your children, that can extended throughout their adult lives.
There are a lot of decisions to make when choosing insurance, talk to your Certified Financial Planner who will help your navigate the various different options and guide you in making the best decision for your family.
This column is written by Michelle Weisheit CFP, IG Wealth Management and presents general information only and is not a solicitation to buy or sell any investments. Please contact your own advisor for specific advice about your situation.