IN FOCUS: Critical Illness for Kids

Setting your kids up for success

Sep 25, 2015
There are many reasons why parents should buy critical illness insurance for children but the most important could have less to do with providing for them financially and more about ensuring their future insurability.

“It goes well with parents that take the guaranteed option on life insurance. They have more of a tendency to be open to CI for their children because they tend to buy insurability and if you buy insurability on life you might want to buy it on CI,” Montreal advisor Andre Loisel told LHP. “If you buy the kids a policy you’re buying insurability. If someone is really open to it on life insurance talk to them about it for CI. They will listen more than others.”

The difficulty most parents face when making this kind of decision about their kids is that it’s an emotional one; as a result many have a problem imagining their kids critically ill or worse, dead.

Statistics suggest that the average age for men and women making critical illness claims is 50 and 48 respectively. That’s right in the middle of a person’s most productive years from an earnings perspective.

No one wants to go there but it’s a discussion that advisors should have with clients as early as possible. Down the road should a grown child be unable to qualify for critical illness insurance, the adult child’s family could be in a potentially precarious position financially were the he or she to contract a critical illness.

“Some people say I’ll never insure my kid. Me, I think the opposite, what if my kid wasn’t healthy and couldn’t buy insurance later, they have at least a starter policy,” independent insurance broker Jerry Wiseblott told LHP recently. “I sell a lot of it, just to ensure their insurability. I don’t think there’s anything wrong with it.”

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