08/24/2019
Critical Illness insurance for children- this is an often overlooked area of insurance planning for families . Let me share a recent occurrence which affected our friends. Our friends, living in the guelph area have 3 children ranging in age from 20 to 14. About 1 month ago, their 14 year old was diagnosed with a serious case of bone cancer. Overnight this families lives were turned upside down. They started regular commutes between Guelph and Sick kids hospital for chemotherapy sessions, testing, doctors visits,etc. This has required that the mother put her career on hold due to having to dedicate her time to her sons treatment. This has placed a huge financial burden on the family to meet their day to day financial obligations. They anticipate a 25-30,000.00 shortfall in terms of satisfying their fixed and current financial obligations. Had the family considered purchasing a small 25-50k critical illness insurance policy for their son, they would have had a lump sum tax free insurance benefit payable to their son , which would have lessened the financial stress on the family allowing them more time,effort and energy to dedicate to their son and his recovery. My wife and I subsequently started a GoFundMe campaign to help this family out.
Consider the value in considering critical illness insurance for your children's as we plan for anything and expect the unexpected
