Critical Illness Insurance – Do It For the Kids!

Have you ever worried about what would happen if you became really ill? There are new life insurance products on the market that provide for loved ones in the event of an untimely death or prolonged absence or illness. If you are sick for a long time how will you make money?
Until recently insurance firms have been focused on products and services that ease the burden of illness and accidents. The newest product to come out of the industry has been critical illness insurance so that your dependent children are well cared for after you are dead. This is news because there has always been critical illness insurance for adults but something for children has been needed for a very long time.
The good thing about this insurance is that it brings money to those who need it the most. Without financial worries people feel that they are in control or like they have more choices in life. It helps them recover sooner because they are not stressed out by worrying about money all of the time.
One of the companies that is offering this new insurance is Desjardins Financial Security. It offers an insurance product called Harmony critical illness insurance product. It covers the same 25 illnesses as Desjardins' adult coverage in addition to six child specific conditions including cystic fibrosis, autism and type 1 diabetes.
If a child is diagnosed with a critical illness it can become a real problem for the entire family because more often than once a parent needs to take three months to even a year off to care for the child. Most families need a double income to survive nowadays. Without insurance these families end up having to sell a house in order to deal with the expense and time needed away from work to care for the child that has been struck down by a series illness.
Usually the payoff with this type of insurance is a lump sum is somewhere between $25,000 and $250,000 a year. That money is of great assistance if you happen to be unable to work because of illness.
Unfortunately too many moms these days can afford this type of insurance even if it is a good idea. The problem is too that many children may hot develop the illnesses covered by the plan. A good insurance plan like the Harmony Generation has structured the plan so that the person who invests in it is gradually paid back the total cost of the coverage by including a return of the premium options. This means that if your child does get sick you do get a great portion of the money that you invested in the insurance plan back. The insurance is usually good until he or she reaches the age of 24 years.