What is critical illness insurance for children?
Like Michael Ellis and his wife, many parents miss work when their child is sick. Some employees can take personal time off, but for most people in the country, paid time off is limited, and many workers (self-employed and contract workers) don’t.
Michael Ellis’ daughter spent a week in the hospital, but for some children with other illnesses, the hospital stay can last months, and in that case, the bills can pile up quickly.
According to Michael Ellis, having Critical Illness Insurance (CI) for Chloe reduced the stress of time off to care for her. “Knowing that capital was available to help us pay the costs gave me peace of mind,” he explains.
Critical illness insurance for children provides for the payment of a lump sum in a single charge when your child is diagnosed with an illness covered by the contract. For example, at Sun Life Financial, Sun Critical Illness Insurance (or “CMI Sun Life”) covers various conditions such as life-threatening cancer, stroke, acquired brain injury or heart failure. a vital organ. Five childhood illnesses are also covered, including type 1 diabetes and cystic fibrosis, up to age 24. Once this age is reached, the insured remains protected against several illnesses that can strike at any age, such as blindness, deafness, or loss of limbs, for the contract’s entire duration. You can view the complete list of covered illnesses.
Note: A waiting period must be met for most covered illnesses before you can submit a claim; therefore, consult an advisor for more information.
What are the benefits of critical illness insurance for children?
Here are 4 reasons parents and grandparents should protect their little ones with an AMG.
You can use the capital to cover the cost of medical treatment not covered by your provincial health insurance plan or a private plan. For example, according to a 2011 Diabetes Canada report, out-of-pocket costs for drugs, devices and treatments needed to manage diabetes amount to more than $1,500 per year.
Thanks to the AMG, you and your spouse can take time off work to devote yourself to your child without worrying financially.
The capital received can help you pay for non-medical expenses you may incur, such as hospital parking, taxi rides, or hotel stays if you need to see specialists outside your home. Region.
Premiums are low and fixed, and coverage continues into adulthood. As a result, your children remain covered when they become adults for a lower price than if they took out CII at that age.
Coverage for now and for the future
As a parent, you hope never to have to request the payment of the capital provided for under the AMG in the event of serious illness of your child. That said, some insurers could reimburse you for part of the premiums paid if you never take full advantage of the capital provided for under the contract. For Sun CIHI for Children, one of the premium return options provides for the automatic settlement of 75% of the premiums you have paid when your child reaches age 25 or, whichever produced last, on the 15th anniversary of the contract. Coverage will continue, and the remaining premiums will be refunded if the contract is later cancelled or terminated. (Please note that this is an optional benefit that you can choose when purchasing the contract.)
CHI Sun Life for Children also allows you to add an option to convert to long-term care insurance when your child turns 18. This optional benefit allows some or all of the child’s coverage to be converted to long-term care insurance later in life.
To learn more about CII Sun Life and the benefits, speak with an advisor.
Parents like Michael Ellis say preparing for the worst can protect the family in times of crisis. “Life is unpredictable. So it’s a good idea to look for ways to protect your family, says Ellis. I see the situation like this: my daughter would have gotten sick whether I had taken out insurance or not, but because I had insurance, we were able to breathe easier during this difficult time.
