What if?……Critical Illness Insurance for Children

6/08/2019 | Financial Planning

Written by: Mike Hamilton
Financial Advisor
CAPCORP Financial

As a financial advisor, I’m hardwired to ask difficult and sometimes awkward questions. My wife gets so embarrassed when at a social gathering, I’ll ask a new acquaintance, family member, or friend what would happen (to their financial plan) if they were to become injured, get sick, or unexpectedly pass away. Inevitably, this line of questioning leads to my asking them how much coverage they have, both personally and/or through their employer.

Lately, I find that I’m asking a new question now, and this one becomes even more uncomfortable. “What if your child gets sick”? Are you ready? What will you do?

The truth is, no one is ready, nor will they ever be, to face a parent’s worse nightmare. As a parent myself, I’m not ready, emotionally. However, financially, I am.

Prepared for the unthinkable….

As much as we didn’t want to think of the unthinkable, my family put a strategy in place to prepare for the possibility of our two children being diagnosed with a life-threatening illness. We now have a Critical Illness policy on both of them, to protect us finacially from an already emotionally devastating situation.

With a Critical Illness policy, we know that if the worst case scenario does happen, we will at least be ready from a financial perspective, which will in turn support us in managing the emotional and physical side of caring for our children. This influx to our finances could help by allowing me to stay home when I am needed the most. It could help by ensuring we don’t have to worry about the next mortgage payment or help to pay for hospital parking. It could even help by getting treatment in another city and paying for hotel costs. Everyone’s situation is unique and the options for how the insurance payment could be used is up to you.

The application process for Child CI is quick and painless.  If you never need to access it, you will be able to gift your child with the money you paid as premium when they turn 25. What a great gift to give your kids to help with their first house down payment or for post-secondary education tuition.

So, I’m going to keep asking the difficult questions. What if my child gets sick?

I’m ready.

Are you?


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