Critical Illness Insurance pays out a benefit if the insured individual is diagnosed with cancer, heart attack, stroke, etc. This coverage exists to help with the financial impact an illness can have on a family. And, yes, it is available for children, too.
The email below, sent to me by a friend and client, illustrates the importance of having critical illness coverage, even on your children.
As many of you know, Melanie ******* joined our Company last year in the role of Service Administrator in the Ontario Region.
Unfortunately, my message today is not a pleasant one. Melanie’s 17 year old son, Daniel, fell ill last Monday and has been in Sick Kids ever since. Daniel has been diagnosed with Hodgkin’s Lymphoma and will begin chemotherapy treatments tomorrow. While the success rate with this particular cancer is quite high, we would ask that you all keep Melanie, Daniel and their family in your thoughts while they endure this lengthy journey.
In an effort to alleviate some of the financial impact to this family, our Social Committee is organizing a bake sale in the Toronto office next Friday. We would also gladly accept any donations large or small….I am sure the J******** family will appreciate any assistance that is given. "
The Company was able to raise a few hundred dollars so far to assist this family during their difficult time, but this amount is peanuts when compared to the unpaid time off and climbing medical costs associated with the type of treatment this child needs.
I STRONGLY encourage all of you to have a look at Critical Illness Insurance for your children, or grandchildren.
Julie and I bought this Critical Illness Insurance for Paige when she was born. It costs us less than $56/month for $100,000 of coverage and if we never use it Paige will receive a chq on her 25th birthday for $13,000.000 due to the automatic return of premium feature.
Most Critical Illness policies have the following benefits:
- Lump sum payout (tax free) upon diagnosis of covered illness.
- Best Doctors Certificate - upon diagnosis the insured's file is sent to the Doctor (any where in the world) who is considered the TOP specialist for that particular illness and is given a free second opinion.
- Return of Premium feature - if the child never uses the policy, the policy owner can receive a return of premiums paid (amounts may vary by Insurer).
The above story is truly tragic, however, if this lady had Critical Illness Insurance for her child, she would receive a payout from the insurance company free of any tax, be able to get a second opinion from the top specialist in the world, and both she and her husband would be able to take time off work to be with her child through his treatment and not have to worry about the financial impact of his illness.
Please pass this along to everyone you know of who has children or grandchildren.
This is the second story like this that I have heard of this month and it doesn't have to be this way!
Regards,
Tim Johnston, CFP, CIM, FCSI
If you would like to know more about Critical Illness protection for yourself and your loved ones, contact me today for your FREE consultation and quote.
