Many people recognize the need for Critical Illness insurance to protect them from the financial risk that could result if diagnosed with a life threatening illness. Although a difficult subject to think about, children should also be protected from this risk as well. If our children were to become ill the emotional and financial toll it could have on the family may equal that of the parent.
Juvenile Critical Illness provides options:
Specifically designed for childhood illnesses
In addition to the approximately 20 standard illnesses covered in critical illness policies, some insurance companies have made available Critical Illness policies that are designed specifically for juveniles by including in the insured conditions these five illnesses:
Insurance companies that offer Juvenile Critical Illness coverage, provide them in different ways. Some offer a policy that provides all the standard CI covered illnesses plus the five childhood illnesses (as shown above) until age 25. Other companies offer a CI policy for children where the covered childhood conditions fall off at age 24 and the coverage simply continues as an adult policy.
Features of a Juvenile Critical Illness Policy
Juvenile Critical Illness Insurance should be considered as a valuable component of the insurance and financial planning for most families. Combining the coverage with optional riders such as the Return of Premium on Cancellation/Expiry can also create a financial benefit in addition to the peace of mind provided by the basic policy.
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