Critical illness on your child ensures you stay by their side
You may have critical illness insurance for yourself, and perhaps also a policy for your spouse. It’s a shrewd strategy for protecting your income and your family’s future. But have you considered the many benefits of having the same insurance for your child?
If your child is diagnosed with a specific illness, your life can change dramatically. Dealing with such a major issue, without having critical illness insurance in place, can affect the economic future of your family.
Through the hospital visits and other treatments, you will want to be by their side–but how much time can you get off from work? You can’t make a claim for income against your own disability policy, if you have one. So, what are your options?
With the right policy in place, you will receive a lump sum payment equal to one to three years of your income. You can use this money to replace your income. You can pay for equipment, therapies, specialized care and other expenses related to the illness. You could even use the funds to take your family on a stress-busting road trip or an overseas vacation when it’s appropriate to travel.
And if your child stays healthy, most policies provide a full refund of the premiums when your child reaches adulthood. If that wasn’t enough, these policies are very inexpensive to put in place.
Keep in mind that not all policies cover the same conditions and can vary from company to company. Your Financial Advisor will be able to guide you to the plan that is best for your child and your needs.
Preparing for the worst helps protect your family during times of crisis. Call your Financial Advisor to learn how critical illness insurance offers security and greater peace of mind for your entire family.