Do your children need insurance?
There are many different types of insurance policies available for children. By reducing financial stressors and freeing up mental space, insurance policies benefit children, parents, and families alike. Here’s how children’s insurance helps:
It Guarantees Insurability Health can change at any time. Insuring your child while they’re young and healthy means guaranteeing their coverage well into their adult years– no matter what. And, having early life insurance coverage lets you purchase additional insurance in the future, without requiring medical evidence (which is a big deal!).
Its Value Grows Over Time Purchasing a permanent life insurance policy for your newborn, baby, or child means setting them up for life. Life insurance policies provide death benefits that grow over time to offer a bigger and bigger payout. They also offer “cash surrender values” which means they can be accessed whenever your child needs financing in the future (for example, when they want to put a down payment on a home).
It Lets You Focus on What Matters Most A child’s critical illness policy provides the financial freedom you need to access pricey medications and additional treatments that might not be within reach without it. It also pays for you, as your child’s parent or guardian, to take time away from work to be with and care for them, without facing a loss of income.
It Reduces Out-of-Pocket Expenses Child health insurance policies protect your family from many unexpected or unforeseen costs related to a child’s illness. Depending on your budget and concerns, you can choose coverage ranging from basic to advanced to help ensure that you can afford everything your child needs to get better.
Some common reasons and scenarios that lead parents to use insurance for their babies and children are:
Realizing not everything is covered through your provincial plan. (Think additional treatments and therapies outside of standard treatment protocols.)
Having a child who requires medication that isn’t covered by the provincial health care plan. (This can become very expensive very quickly.)
Requiring additional dental services for your child. This doesn’t have to be illness-related, it could be for something as commonplace as braces or a retainer.
Reasons To Insure Your Little One First, as we mentioned above, it guarantees their insurability as adults. Second, while we never, ever want to think about our children leaving this world before we do, it can and does happen. And the financial burden associated with the loss of a child isn’t something any parent should have to worry about during a very challenging time.
Having life and living benefits insurance for your child not only takes on the financial burden off your family for things like medical costs and funerals, but it can also provide the beneficiaries (typically you, the parents) the time they need to grieve without worrying about their financial situation. A portion of that insurance policy payout could even let you quit your job for a period of time, without any significant financial impact.
If you have questions about what the right insurance policy may be for your children and/or family, be sure to speak to a licensed insurance professional and learn about your options! www.winnipeginsurancebrokers.com
