Do I Need To Buy Critical Illness Insurance For My Child?
Critical illness insurance is one of the most essential products in your insurance portfolio. The payout from critical illness insurance will help critical illness cover you manage your financial obligations if you are diagnosed with a critical illness such as cancer or certain heart ailments.
However, when we think of critical illnesses, we normally picture adults as the ones affected. Yet, the truth is that even children too can get impacted by dread diseases. If your child is unfortunately diagnosed with a critical illness, you would be hit with sudden and unexpected expenses that can take a toll on your savings. Having critical illness cover for your child might save you from a lot of financial distress. Let’s see how.
How common are critical illnesses in children?
When we think of diseases like cancer and heart disease, we normally think of adults as patients. However, children too can get impacted with critical illnesses. Children too can suffer from varying stages of critical illnesses like cancer and kidney failure. For instance, a child may be at a risk of developing cancer if they have a family history of the disease, if they have been exposed too heavy pesticides or if they suffer from certain genetic disorders. A lot of the factors that lead to critical illnesses are beyond our control, so it is best to have proper insurance in order to access life-saving treatment.
How does critical illness insurance for children help?
Having critical illness insurance will help you focus on the treatment necessary for your child to get better instead of worrying about the finances. Here are some of the main benefits you enjoy from having critical illness insurance:
- Fill gaps in health insurance
Even if your child’s treatment if covered in your family floater health insurance plan, there will still be certain sub-limits on the coverage.You may use the payout you receive from critical illness insurance to afford the charges that need to come out of your own pocket.
- Take time off work
If your child is diagnosed with a critical illness, you might need to take time off work to make it to regular appointments for treatment at the hospital. Even if you have savings, the loss of income cannot be ignored as it may continue for months. The payout from critical illness insurance will help you afford to stay financially stable even if you quit your job.
- Seek treatment abroad
You may feel that your child will benefit from treatment at a hospital abroad. However, the high costs of opting to go abroad may stand in the way of your plans. The payout from critical illness insurance will help you afford plane tickets and hotel stay for the duration you need so that you child can get the best medical care.
Thus, we see how important critical illness insurance can prove to be. Make sure that all your family members have protection under a critical illness plan especially if you have a history of dread diseases like cancer and heart attack in your family.
We hope that this article has been helpful for you.
