Critical Illness for Children - Why it’s Essential

A topic people least want to discuss: the possibility of a child becoming seriously ill. Simply put, parents don’t want to consider the possibility that a serious illness could come to them. However, not talking about it doesn’t make it any less real; Critical illness insurance for children is an essential component of a family’s financial plan.

Few of us want to contemplate the reality of being diagnosed with a serious illness, let alone the possibility of a child becoming seriously ill. Even fewer of us have given any thought to how we'd cope financially. A child’s illness can cause serious financial consequences for a family. 

“IT WON’T HAPPEN TO MY FAMILY”

While no parent wants to consider the possibility of their child becoming sick or dying, it happens more frequently than we’d hope. Consider the following: 

The Toronto Hospital for Sick Kids alone receives over 300,000 visits every year, with many suffering from a form of cancer.

“WHY INSURE A CHILD?”

Consider the Average Family with two children. 

Here is the Average Family; Mom, Dad, Daughter (age 3) and Son (age 1). Since Mom and Dad are both breadwinners, they each purchased a critical insurance policy for themselves. So if either of them becomes seriously ill, the family will receive insurance proceeds to maintain their lifestyle.

But what if the unspeakable happens and one of their children becomes seriously ill? Chances are, the parents would be so upset they would be unable to continue working. They may take a leave to be with their child, however that would affect the family’s income. 

Being with your child while they are at their most vulnerable is a parent’s first priority.  Having an income is especially important during this time as it allows the parent to focus solely on the illness and recovery of their child. 

That’s what critical illness insurance for a child can do. It will allow you to give all your attention to where it is needed: your child. 

Your child may not be a financial contributor to your family yet, so you’ll want to make sure you are able to have the finances to be there with them. 

THE SOLUTION

Critical illness insurance for each member of the family, including the children, will eliminate the financial hardship experienced in the event of a child's serious illness. 

Insuring your child while they are young and healthy makes it easy and affordable. When you lock in the rates for your child, no matter what happens in the future, they will have insurance and will never be subjected to higher rates. 

It allows parents to insure children when they’re young and healthy, making it easy and affordable. Adding on critical illness as a rider to a Whole Life policy is an inexpensive way to ensure your child is protected and you are able to be there for them.

Protect the financial security of the whole family since a child with a serious illness can also trigger the loss of income for one or both parents.