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A Sick Child: An Ordeal for the Whole Family

What parent wouldn’t be willing to trade places with a child stricken with a critical illness? The situation is devastating, from both an emotional and financial viewpoint. A critically ill child has more of an impact on a family’s finances because a parent’s disability insurance cannot be applied to help the child. Of course, initially the parent’s employer will understand their need to spend as much time as possible at their youngster’s bedside, but these privileges don’t last forever.

Nathalie Tremblay, manager of health products at Desjardins Insurance 1, experienced first-hand how a child’s critical illness can impact a family. “Recently, my eldest son’s friend was diagnosed with cancer. Luckily, he was able to beat it, but not before it had a devastating affect on the family’s finances.”

“Most families today have dual incomes to make ends meet,” said Tremblay. “But if your child became seriously ill, could you live on just one salary, while covering both medical and everyday expenses? It’s very common to have critical illness insurance either provided through work or as a personal purchase. However, critical illness insurance for children is a product that isn’t as well-known.”

What is critical illness insurance for children?

This protection covers a child against several critical illnesses, like cancer and heart disease. It can also include coverage for such childhood diseases as cystic fibrosis, juvenile diabetes and cerebral palsy. Coverage can start within a child’s first month and last until they turn 18. Once a child has been diagnosed with an illness covered by the policy, the parents will receive the sum insured to use as required.

“When a child is born, it’s a time for celebration. Health concerns are generally furthest from the parent’s minds. The important benefit to purchasing this type of coverage is peace of mind,” said Tremblay. “Families also receive the benefit of specialized services, such as 24/7 access to a nurse.”

Can you afford it?

According to Tremblay, it’s a simple question of priorities. “I have three children myself, and when I look at how much we spend on sports, extracurricular activities and Christmas presents, I have to conclude that it’s a worthwhile investment.”

To learn more about critical illness insurance for children, contact us today.

1 Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company, a provider of life and health insurance and retirement savings products.

This article is for general information purposes only and should not be construed as insurance, investment or tax advice. The information contained herein is based on sources and materials believed to be reliable, but are not guaranteed. Please refer to the policy for more detailed information.