Critical Illness Insurance for a Child as a Savings Account
- April 14, 2020
- Posted by: olinsadmin
- Categories: Child care, Critical Illness, Insurance Toronto, Life Insurance Ontario
No doubts, your child’s happiness and well-being is your priority. As a parent, you wouldn’t want to imagine that your child could suffer from a critical illness. But if it happens, would you have financial means to stay with your child as long as necessary?
Critical Illness Insurance gives you the financial support and freedom to be by your child’s side when it really counts. It’s easy to apply for it, and that will help you focus on your child, if the worst should happen.
Today, parents or grandparents can buy Critical Illness Insurance for a child as a savings account because it’s a perfect choice. What options do you have? The following:
- First and foremost, financial protection should your child suffer a serious illness.
- A solid foundation for your child’s future: In all likelihood, your child will remain healthy. You can choose to receive a refund of the premiums you’ve paid, which can provide the down payment for their first home, or a car, or even fund a business venture.
- Possibility to transfer the ownership of the policy to your child – they’ll get paid-up, valuable lifelong coverage.
How Critical Illness Insurance Works
Child’s Critical Illness Insurance pays a tax-free, lump-sum amount if your child is diagnosed with a covered critical illness or condition including one resulting from an accident. 29 illnesses and surgeries are covered, including special childhood conditions such as:
- Autism spectrum disorder
- Cystic fibrosis
- Rett syndrome
- Cerebral palsy
- Muscular dystrophy
- Type 1 diabetes mellitus
Because the benefit is paid in a lump sum and is not taxable, it’s up to you to decide how to use it. this financial assistance can help you:
- Cover your lost income for the time you need
- Hire temporary help at home
- Cover unexpected childcare costs
- Cover costs associated with receiving care at a specialized hospital away from home, such as travel expenses, accommodation and restaurants.
- Pay for private psychotherapy for yourself or your family members
- Ensure your bills or mortgage are paid
Get a second medical opinion
Many critical illness insurance plans give you an unlimited access to the medical second opinion services at no additional charge.
- Choose your insurance amount, starting from $10,000
- Receive a refund of premiums on cancellation (from the 4th year onwards)
Customize Your Coverage
Since you’re unique and so are your needs, you can enhance your contract with additional protection:
- Cover your children in case of a fracture, loss of use of a limb or dismemberment
- Pay no premiums if you’re unable to work because you’re sick or have had an accident
If you consider getting Life insurance, Critical Illness, “Health Benefits Plan”, or Disability Insurance, I can give you an expert advice and offer the best insurance plan.