Can I Purchase Critical Illness Insurance for My Children?

Critical Illness Insurance may vary greatly in cost based upon a number of variables, including age and health status of the child, sum assured, and the number of conditions covered. We at Canadian LIC find that, quite often, families are pleasantly surprised at how affordable premiums can be. For instance, since the birth of their baby boy, the Thompsons have been able to insure him comprehensively at a much lower rate than they had expected, and this now covers him well into adulthood.

You will be able to get Critical Illness Insurance Quotes through brokers such as us at Canadian LIC. We deal with a number of different insurers, all with whom we work to produce a range of quotes to suit different needs and budgets. One of our clients, the Martins, compared a few quotes we provided, which helped them understand better how options could offer the right plan for their daughter, who was diagnosed with a congenital heart condition.

While buying Critical Illness Insurance, pay close attention to the details of the coverage. See which illnesses the plan covers, how much lump sum will be paid, and what supplementary benefits exist for partial payouts and return of premium options. Check how the plan will fit into your financial situation and your child’s health needs. We helped the Nguyen family choose a plan that did not contain only common illnesses but also rare conditions based on the family’s medical history.

Yes, most insurers do allow one to adjust the sum assured. This could prove very important in case your financial situation changes or if your child’s health needs change. Last year, we helped the Kim family increase their coverage after the birth of their second child, who has a very rare genetic disorder so that their insurance plan would meet the new needs.

Typical to most payout processes is some sort of waiting period, often 30 days from diagnosis, to determine that the condition meets the policy’s terms. Once that has been overcome and the claim approved, then normally, the lump sum is paid out, and that is that. In many instances — in as little as weeks — families like the Clarkes, whose boy was diagnosed with leukemia, managed to have a payout that allowed them to take up treatment without further delay.

Generally, a Critical Illness Cover pays off on a tax-free basis in Canada. It means that you can utilize the whole amount toward your child’s needs for support without having to worry about taxes being deducted. This was a significant relief for the Howard family, who used the payout to cover both medical and living expenses during their child’s lengthy treatment.

Although no policy can insure against every known illness, you do have a choice when it comes to picking a plan covering a wide spectrum of diseases. It’s important to review the list of covered conditions carefully and consider any family health history. We, at many times, walk families like the Browns through the fine print to ensure their coverage is the full coverage possible, giving them the peace of mind they need for today and a better tomorrow.

Some critical insurance coverage permits the return of premium options. Either all or part of the premiums paid is refundable if no claim is involved by the end of the policy term. For the Greens, the return-of-premium choice was the deciding factor. They knew they could get their money back if they never needed the insurance.

In general, a Critical Illness Insurance Policy taken for a child is less expensive than an adult because of a lesser risk of being medically diagnosed with any of the illnesses described. However, it is still very important. At Canadian LIC, we often share the story of the Walker family, who were surprised to find that insuring their two children was more affordable than they initially thought, especially when compared to their own adult policies.

To have a good comparison between the Critical Illness Insurance Quotes, a determination shall not be purely on the premium costs but shall further consider the breadth of coverage, the exclusions, and ease of claiming. Here at Canadian LIC, we do a point-by-point comparison side by side for any of our clientele who require it, like in the case of the Lee family, so they comprehend every difference between the plans and get one that can best suit their daughter’s peculiar health needs.

Various types of Critical Health Insurance Plans are available for children, ranging from basic coverage that includes a handful of major illnesses to more comprehensive plans covering dozens of conditions, including rare diseases. For example, the Chen family opted for a comprehensive plan after learning from Canadian LIC about the potential genetic risks associated with their family history.

You can reduce your Critical Illness Insurance premiums further by opting for a policy that has a longer waiting period, specifying just a few illnesses covered, or agreeing to a partial payout for less serious cases of an illness. The Morison family made some adjustments to the variables in the policy with Canadian LIC and reduced the premium burden while buying substantial coverage for their children.

It’s advisable to check your child’s Critical Illness Insurance Policy every few years or after major life changes. These could include, for example, a new diagnosis in the family or just a change in your financial situation. We remind clients like the Thompsons that it is important, from time to time, to review their policies so that their coverage continues to be in line with their current needs and circumstances.

Although Critical Illness Insurance normally provides a lump sum that can be spent at the policyholder’s discretion, some families use it to provide educational support or special schooling if an ongoing illness of a child disrupts their educational life. That was how it was for the Rodriguez family, who used part of the insurance payout to hire a tutor for their son when his illness made him miss several months of school.

If you’re rejected for a Critical Illness Insurance Quote, you want to know why. It may present an issue with the illness itself, or perhaps there may be misinformation regarding your child’s medical history. At Canadian LIC, we work to help our clients, like we did for the Gibsons, who were able to successfully appeal an initial denial by providing additional medical documentation.