Your baby is perfect. (Even if he isn’t a technically a baby anymore, you will always remember that adorable, tiny newborn.) You are grateful everyday for his good health. But you’re practical as well; you know illnesses can affect anyone at any time.
So you worry. You’re a parent; that’s part of the job.
I wish I could reduce that fear of the unknown. But I know I can’t. I’m practical as well. We insurance people know that we can’t prevent illness and injuries.
However, what we can do is strive to ensure that when bad things happen, at least you will have more money to deal with them.
Money allows you to:
- take time off work to care for a sick child
- pay for meals or housecleaning
- buy medicines that the provincial government doesn’t cover
- take care of a myriad of other things
But what I’ve found when researching the insurance companies I represent is that there are very few products available for children. Almost all products are for adults, who can make their own decisions. Adults have the right to decide how they spend their money and how they will deal with life’s difficulties.
Your child doesn’t have that choice. They only have you.
That’s why I was thrilled when i found out about Desjardins‘ child critical illness policy, Harmony New Generation.
Of course as an insurance broker I’m a fan of insurance. But not all insurance companies or policies. I’m careful to only recommend what is suitable and beneficial in your situation.
But when I heard about this policy I thought, Wow! Who wouldn’t get this?
Here’s how it works:
You pay a certain amount every month or year for twenty years, and then your child or grandchild (or niece, nephew, or godchild) has coverage for the rest of their lives.
Not to 65 or 75; but to 90, 102, 112! Whatever age they end up living to, they will have coverage for serious illnesses, such as malignant cancer, heart attack, stroke, multiple sclerosis, and many other conditions.
I know you are wondering about price. Like any insurance, you pay more for more coverage. But let’s start with an amount that any anyone can afford:
For just over $1 a day*, you get can $30,000 in coverage. Now you are probably thinking that you’re just paying that $30,000 over time. However, if you do the math you’ll find that over those 20 years you are only paying about $8,000!
Couldn’t you just invest your money?
Absolutely! Investing for your loved ones is an excellent idea. Let’s say you put aside the same $1 per day and earned 5% interest. When would you have $30,000? After about 30 years. You would have spent about $12,000 of your own money.
If you can predict that your child will be perfectly healthy for at least 30 years, and you will always be able to put that money aside every month, year after year, that’s great. But if you are like me, your future prediction skills just aren’t that accurate.
But if you have an eligible claim, then you will receive $30,000 in that first year, even if you’ve only paid $100 so far.
Sounds good so far, doesn’t it?
Well, it gets even better. Let’s say your daughter stays healthy, and either gets her own new policy, inherits some money, gets a great job, or otherwise doesn’t need the insurance any more. After twenty years you can cancel the policy and get all your premiums back, as long as a claim has never been paid.
I don’t recommend cancelling, but at least you know you have that option.
And what is the risk to not getting this coverage in place as soon as possible?
If your child develops an illness, or even signs that may indicate
an illness, insurance becomes more expensive or even
impossible to get.
But if you get coverage in place now, she will have lifetime coverage to protect herself, her spouse, and future children.
Interested? Fill out this short survey and I’ll contact you with a quote.
Here’s a brochure with information on all of Desjardins’ critical illness policies, for adults, and children. Desjardins Critical Illness Insurance Brochure
*Example only. Your price will vary depending on age of child and potentially other factors.