Upon birth, the first reflex many new parents have is to take out a life insurance policy for their baby. The reason is quite simple: “If my child were to die, I would not be able to continue working afterwards”.
It is indeed a devastating event and parents’ reasoning is more than legitimate*, but let’s take this one step further. These are not typically things we want to think about, but if your child had a critical illness, would you also stop working to take care of them? Probably.
Did you know that there are less than 0.5% of deaths for children age 0 to 14? That’s good news! On the other hand, unfortunately, there is a bigger chance of receiving a critical illness diagnosis for this age group, even without death*.
Critical illness insurance for children is a little less known, but can nevertheless be very relevant, for a variety of reasons.
What is critical illness insurance?
Critical illness insurance is a personal protection which grants a compensation if the insured is diagnosed with certain critical illnesses.
It works as follows: if your child develops a critical illness covered by your policy, you will receive from the insurer the total amount for which you have subscribed after the 30-day survival period. Certain contracts also cover childhood diseases.
How might critical illness insurance for children be useful?
The insured amount can compensate for loss of income if one of the parents must stay by the child’s side or leave work to attend treatments.
This sum can also be useful to cover other expenses. For instance, certain treatments and medication are not covered by RAMQ. Your insured capital can give your child access to these without putting you in a precarious financial situation.
Moreover, the amount can cover travel expenses if your child needs to be treated far from home.
Who doesn’t know a family whose existence has been disrupted by a critical illness contracted by one of their children? Who hasn’t seen on social media parents appealing to the public’s generosity to help them financially so they could get through it?
At AccèsConseil, we have helped clients who have gone through this unfortunate ordeal and we believe it is important to inform you. An analysis of your financial situation will allow us to advise you and best determine adequate coverage to match your situation and bring you peace of mind.
Our goal always remains the same: to support and advise you to simplify all your life plans.