Children’s critical illness insurance may seem like an unnecessary purchase. After all, your kids are healthy now and chances are they will be healthy in the future, right?
Well, there are two reasons why you should consider purchasing this type of insurance for your children, especially if you have or plan to have another child. In this article, we’ll go over the first reason and list 10 reasons why you should get children’s critical illness insurance. We hope you find them as compelling as we do!
1) Protect Your Children from the Unknown
The number one cause of bankruptcy in America is unexpected health care costs. If you’re worried about providing for your children and their future financial stability, it might be time to get critical illness insurance for your children.
With critical illness coverage, your child can be eligible for up to $50,000 when they suffer from a covered critical illness such as cancer or heart disease—something that doesn’t have a cure and can leave them with large medical bills if they don’t have protection. There are many more reasons why you should buy children’s critical illness insurance – find out more today!
2) Provides Security For the Family
We’ve all seen how a devastating illness can threaten not only your health but also your financial security. A critical illness in childhood can mean emergency care and lifelong expenses. As you make decisions about a family vacation or an expensive extracurricular activity, you want to know that if something were to happen to your child, you’re covered financially.
That’s why purchasing children’s critical illness insurance is so important. It provides crucial coverage for parents who otherwise may be uninsured or underinsured against potential medical crises. In addition, it can provide much-needed peace of mind that your child will be taken care of if he becomes ill.
3) Risk of Developing a Life-Threatening Condition
Not every child will contract a life-threatening condition, but children are more susceptible to illness than adults and younger children are at even greater risk. This is because their immune systems haven’t fully developed yet and they’re more likely to be exposed to bacteria in daycare or school that could lead to an infection.
Plus, according to data from the National Center for Health Statistics, one out of every 36 children born in 2013 will develop leukemia before they turn 20.
In other words, with proper treatment and care, you can help reduce your child’s risk of developing a life-threatening condition; by purchasing children’s critical illness insurance you can cover some or all of your costs if he does get sick.
4) Peace of Mind During Healthcare Cost Increases
As healthcare costs continue to rise, more families are being affected. The National Association of Insurance Commissioners reports that health insurance premiums increased by an average of 5.1% in 2016.
There were a total of 27 states that saw an increase above 6%. Although children’s critical illness insurance can be expensive, it could also provide peace of mind during times of unexpected medical emergencies or costs.
5) All Available Resources Will Be Used in Treating The Sick Child
Insurance companies will pay for all of your child’s medical bills. This includes surgeries, medications, therapies, and hospital stays. Many parents are surprised by how many medical costs insurances doesn’t cover; make sure that you have a way to pay for everything so that your child can get whatever treatment he or she needs.
If you don’t have enough money in savings, borrow it from family members or take out a loan. The cost of being able to spend as much time with your sick child as possible is worth any price.
6) Covers Health Services Not Covered by Other Policies
Many parents are unaware that their insurance policies do not cover any services provided to children with critical illnesses. Oftentimes, a portion of medical costs must be paid out-of-pocket by families.
For example, there is a $20,000 deductible on most policies which often cannot be met due to high medical bills and hospital stays. To reduce financial stressors during your child’s treatment, make sure you have critical illness insurance in place.
7) Lack of Financial Strain Due to Hospitalization Costs
When your child is hospitalized with a critical illness, you won’t have to worry about how to afford treatment or how to meet additional financial responsibilities during that time. Your child will be in top-notch hands.
That alone can be a huge relief to any parent. A children’s critical illness insurance policy would allow you to continue providing for your child without having to drain their college fund or adding more medical debt onto an already long list of expenses and bills. Instead, you could focus on helping them heal as quickly as possible.
8) Well Child Visits Are Covered Too!
It’s surprising how many parents have no idea what their children’s health insurance covers. While you can always add on supplemental policies for additional coverage, it’s a good idea to first see what comes with your policy.
A large portion of children’s critical illness insurance benefits is spent on regular, preventative doctor visits like vaccinations and well-child visits.
9) Transferrable Benefit at No Additional Cost When They Move Out
While your children may be fine with your dog today, a pet is a lot of responsibility. According to Pets Adviser, 12 percent of pets are lost each year and many more become ill or die from causes that are unexpected and expensive.
By having an illness insurance policy for your child in place, you can save on many potential costs associated with bringing up a child as well as keeping them happy and healthy throughout their childhood. And because most children’s critical illness policies come with a transferrable benefit at no additional cost when they move out, you can still enjoy peace of mind for years to come.
10) Upfront Premiums Reduce Future Premium Payments – Lifetime Protection.
As long as you continue to pay your annual premiums, you will be covered from almost any type of illness or injury that would cost tens of thousands or even hundreds of thousands in medical expenses. While these policies do not cover things like basic accidents (for example, skinned knees), they do cover very serious conditions and illnesses such as cancer, heart attacks, brain tumors, and organ failure.
Although it may seem strange to think about, having a child diagnosed with cancer can cost upwards of $400,000 per year in medical bills. And many people don’t have that kind of money set aside. Investing in children’s critical illness insurance helps protect against some of these huge bills and provides peace of mind to parents.