Critical Illness Insurance… For the Kids

Jon Glougie

July 9, 2021

Insurance for children may seem odd at first glance, but if you look closer, you may find a few great reasons to consider it. First, approval for a Critical Illness insurance policy is, in part, underwritten based on family medical history. If you get sick, your children may not be able to get approved for a policy when they are older. Also, if you do have children, consider how your life might be impacted if your child was stricken with an illness. Not only may there be expensive medical bills, parents may also have to take time away from work to help tend to their child.

A child Critical Illness insurance policy will provide the child with 5 additional illness coverages, in addition to the 25 conditions that are offered under a standard Critical Illness insurance policy. This includes Type 1 diabetes, cerebral palsy, congenital heart disease, cystic fibrosis and muscular dystrophy. With some plans, you can also add a return of premium rider on the policy so that when the child turns 25, he/she can receive a refund of 75% of the premiums paid to that point.

Finally, insurance premiums are always based on attained age (the age you are when you apply for the policy). The older you get, the more your insurance will cost. Therefore, the younger you are, the cheaper your insurance will be. If you would like to know more about how to protect your child from illness, please let us know and we would be happy to help.