Juvenile Critical Illness Insurance

What exactly is Juvenile Critical Illness Insurance?

Being told your child has a serious life threatening illness is the worst news a parent can get.

We see other people going through the pain of having a seriously ill child. We see that, and we hope it never happens to our kids. We open our wallets and drop a dollar or two in a donation box to help support local families. We do that because we know if it was our child, we would want others to do the same. All those dollars add up and they help pay for the ferry, fuel, hotels, and time off work that comes with a parent going back and forth to Vancouver Children’s Hospital.

Regardless of how you feel about insurance, there is a new product on the market that every parent should know about. As a parent I hope my daughters never see the inside of Children’s Hospital, but if they do, I want to make sure I can be there for them every single day, without worrying about work, mortgages, or anything else. I know I’m not alone in thinking that way.

Critical Illness policies are designed to pay out a lump sum, tax free payment upon diagnosis of a critical illness. Every Insurance company is different, but a typical policy will cover around 25 to 30 serious illnesses. The big one is Cancer, but juvenile policies also cover Type I Diabetes, Cystic Fibrosis, and many other serious conditions.

Why would I put a policy on my children when they’re not sick?

These days, we have the ability to treat many of these illnesses, and fortunately, many of the direct costs of that treatment are covered by the government. However, it is the indirect costs that most people never think about. Travel to BC Children’s Hospital alone can cost thousands in fuel, ferries, hotels, etc. Parents also face the choice of having to take time off of work, often without pay, to be by their child’s side, or go back to work just to keep the bills paid.

That’s where a Critical Illness policy comes in. These policies provide cash for you to seek treatment, take a leave of absence from work, or even pay for alterations to your home in case of a disability. How you spend the money is entirely up to you.

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