Children’s CI: A Worthwhile Investment?

The worst news you could receive is that your child has fallen sick with a critical illness. Worry, fear, and concern come crashing down. Your world stops, but your bills and obligations do not.

It is very common, as a Financial Advisor, to encounter families who are unprepared for the financial strain and overall stress that can accompany a child’s critical illness. From unexpected expenses to taking extra time off work to be with your child. Children’s Critical Illness Insurance is a product designed to alleviate some of the pressure and provide peace of mind and financial stability during one of life’s most challenging moments.

What is Children’s Critical Illness (CI) insurance?

This type of insurance provides a lump-sum payment if your child is diagnosed with a covered critical illness, such as cancer, cystic fibrosis, or congenital heart disease. The funds can be used for medical expenses, travel for specialized care, or even to replace lost income if you need to take time off work. The funds can be used to assist you and your family during this time of need.

Critical Illness insurance is beneficial to parents, grandparents, and guardians who want to safeguard their family’s financial future in the event of a child receiving a diagnosis. It’s particularly beneficial for self-employed individuals or those without extensive paid leave, as it ensures financial stability while focusing on your child’s recovery.

Why choose Children’s CI coverage for your family?

1. Financial Security: The lump-sum payment can cover medical bills, therapy, or even household expenses, allowing you to focus entirely on your child’s well-being.

2. Affordable Premiums: Policies for children are often more affordable with premiums well within many families’ budgets, depending on the coverage and the child’s age.

3. Comprehensive Coverage: Many policies cover a wide range of illnesses, including those unique to children. Some policies can even be converted to adult policies in the future.

4. Peace of Mind: Knowing you have a financial safety net that can alleviate stress during a very difficult time.

Life is unpredictable, and a critical illness can be life altering for a family. By investing in a critical illness policy, you’re taking a proactive step to protect your family’s financial health. It’s not just about money—it’s about ensuring you can be there for your child without worrying about the financial implications.

If you would like to learn more about how Children’s Critical Illness Insurance can fit into your financial plan, please contact O’Farrell Wealth and Estate Planning. A Financial Advisor will be happy to discuss options tailored to your family’s needs. Let’s work together to secure your families peace of mind.

Andrew Goetz is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.