The original publishing date was 5 August 2020, and the content was revised and updated on 17 October 2024.

When it comes to children’s critical illness cover, there can be a lot of options out there for families with children, making it difficult to select the best packages for them. One of these is critical illness insurance for children, which can be vital to maintaining your family’s daily life should your child be diagnosed with a critical illness.

As one of today’s leading insurance providers, the team from Desjardins Financial Security Independent Network wanted to highlight some of the details and benefits of child critical illness insurance, so read on!

Child Critical Illness Insurance Cover: What Are the Main Benefits?

You may have life insurance and critical illness insurance for yourself, but what if a child falls victim to a critical illness? In some cases, your critical illness insurance can extend to your children, but this isn’t always the case. Sometimes, purchasing child critical illness insurance for children is the best insurance product.

Should your child be diagnosed with a critical illness, and you’re forced to take time off work, child critical illness insurance helps you keep up with daily expenses. It will also provide financial assistance to make medical payments including treatments and prescription drugs, and cover any lost income.

What Types of Critical Illnesses Are Covered?

When it comes to children’s critical illness, the conditions covered are extensive. If your child is diagnosed with a covered illness, your policy will pay a lump-sum payment to help manage out-of-pocket expenses, such as treatments and blood work. Review the policy documents for full terms and check the full list of illnesses covered by most insurance providers, including:

  • Neurological Illnesses
  • Accident & Functional Loss (blindness, coma, deafness, brain injury, etc.)
  • Vital Organ Failure
  • Cystic Fibrosis
  • Cardiovascular Illnesses
  • Autism Spectrum Disorder

A Few Important Things to Consider

Firstly, if you have your own critical illness insurance, be sure to read the fine print and discuss whether your child is covered by your policy or not. Additionally, newborn babies often aren’t covered by your provincial healthcare plan, even if they’ve been born with a serious illness. Contact us if you have any questions or require more information on this.

The Benefits of Starting Critical Illness Insurance Early

If your child is 30 days old or older, you can secure critical illness insurance at a lower rate than if they applied later in life. Not only does starting early ensure coverage, but it also provides the peace of mind that your child is protected should they be diagnosed with a serious health condition in the future. In many cases, a one-time payout from a critical illness policy can make all the difference in covering unexpected medical expenses.

Let Us Be Your Child’s Critical Illness Insurance Provider!

When it comes to keeping your family safe and financially stable, investing in child critical illness insurance for children might be the best option for you. Since 2005, our team of insurance advisors has been helping families find the best insurance coverage plans for their needs. We’ve worked with a wide range of clients and have decades of expertise, making us one of the leading insurance providers in the area.

To learn more about the children’s critical illness cover plans we offer and our other services, contact Desjardins Financial Security Independent Network online today or call (416) 695-1433 for a quote.