Critical Illness insurance for children
No parents want to consider the possibility of their child becoming really sick, but the reality is happening more frequent than we think. Once a child gets really sick, it can impact the whole family. Parents will have to take more time and effort to take care of their child. One of the parents may have to give up their job to take the child to hospital or specialist. Besides, they also have to face with financial worry as well, including daily expenses, mortgage, loans, an alternative treatment or out-of-country therapies. Since you don’t have time for job to earn an income, it will be a devastating for the whole family.
Critical illness insurance can help to minimize the financial burdens by making funds available to offset the cost of treating and managing the illness without impacting the financial security of your family. The insurance company provide a lump-sum benefit, following the survival of 30 days after diagnosis of one of the covered critical conditions. You can use the fund as anyway you want:
- Cover expenses so that you can take a leave from work to be by a sick child’s side during treatment and recovery.
- Pay for specialized or alternative treatments not covered by group insurance or government-sponsored plans.
- Cover for travel and accommodation expenses needed for better treatment accessibility
- Pay for in-home nursing or home care support
- Keep your family savings for retirement, child’s education or family vacation
Your child’s illness can affect the whole family emotionally, physically and financially, critical illness insurance can reduce the stress and support your family to overcome the hard situation. While you can’t prevent for the bad things happen, you can always be prepared.