You’re saving and planning for your children’s future and you want what’s best for them. But what would happen if one of your children developed a serious illness?
Thankfully, medical advancements mean better treatments and outcomes for serious illnesses That said, health-care costs continue to rise and we can expect that we’ll have to pay more of those costs. Recovery from an illness can be stressful and expensive.
Focus on what’s important
If one of your children was diagnosed with a serious illness it could change your financial plans, your family’s lifestyle and the plans you have for your children’s future.
Ask yourself these questions:
• Would you be able to afford time away from work to help care for your child?
• How would you pay for the treatment that’s best for your child?
• Could you afford any costs that aren’t covered by other medical plans?
• Would you be able to continue saving for your child’s education or your retirement?
Sun Critical Illness Insurance can help ease the financial impact of a critical illness. If your child is diagnosed with a covered illness and survives the waiting period, you receive a lump-sum benefit that can help you manage additional costs and everyday expenses such as:
• additional medical expenses not covered by a medical plan,
• mortgage payments,
• child care and education savings, and
• retirement savings.
Insuring your children means you can take time away from work to help care for them without having to worry about lost income.
It’s about helping your family focus on recovery, not finances.
A plan that grows with them
Sun Critical Illness Insurance can provide your child with protection at every stage in life. It covers specific childhood illnesses, acquired brain injury and loss of independent existence. And when your child turns 18, you may apply to add a conversion option, which will give them the ability to convert some or all of the coverage to long term care insurance later in life.
Return of premium option
There’s an option to get 75 per cent of the premiums back if a claim has not been made. After age 25, you automatically receive a lump sum payment and your child’s coverage continues. If the policy is cancelled at a later date, you may be eligible to get the rest of your premiums back.
The value
Choosing Sun Critical Illness Insurance when your children are young means:
• each child gets their own coverage and they don’t need to re-apply as an adult,
• lower premium payments are locked in,
• you have access to expert medical information through Best Doctors® services and don’t need to make a claim to access the services, and
• when your child is an adult, they can also access Best Doctors services for their spouse and dependants.
A critical illness can strike anyone at any age. A serious illness can put your family’s financial plan at risk as you focus on your child’s care and recovery. Let’s talk about how Sun Critical Illness Insurance can make a difference in your life.
For more information on any insurance-related matter, contact Maninder Dillon at 778-788-0506/ maninder.dillon@sunlife.com
