Illustration for ill child (Image source: goodnightbaby.co.za)
A Critical Illness (CI) plan is an insurance plan that pays out a lump sum of money when the insured individual is diagnosed with an illness covered by the policy. The money is paid out to the policyholder and is not dependent on the medical or hospitalization cost.
One aspect that is usually forgotten when purchasing a CI plan is the inclusion of your children in the policy. The common belief is that the likelihood for a child, being young and fit, to contract any critical illness are relatively low. Purchasing a policy for a young child is then seen as a waste of money that could be invested elsewhere. However, this logic can have terrible consequences.
So, why do we need to consider a CI plan for our children?
One aspect that is usually forgotten when purchasing a CI plan is the inclusion of your children in the policy. The common belief is that the likelihood for a child, being young and fit, to contract any critical illness are relatively low. Purchasing a policy for a young child is then seen as a waste of money that could be invested elsewhere. However, this logic can have terrible consequences.
So, why do we need to consider a CI plan for our children?
The most comprehensive Health and Surgical plan for pediatrics only covers standard medical treatment charges in case of hospitalization and care up to limited time after discharge. Ongoing medical expenses for chronic or long-term diseases, such as diabetes, are not payable. Having a sum of money helps families to concentrate in finding the best possible treatment for their kids.
Critical Illness Coverage for Pediatrics
Typically, a CI plan covers the following illnesses: Alzheimer’s disease, Apallic syndrome, aplastic anemia, benign brain tumor, blindness, cancer, chronic liver disease, chronic lung disease, coma, coronary artery surgery, deafness, encephalitis, fulminant viral hepatitis, heart attack, HIV due to blood transfusion, IDDM, Kawasaki disease, loss of speech, major burns, major organ or bone marrow transplant, motor neuron disease, multiple sclerosis, muscular dystrophy, occupationally acquired HIV, open heart surgery, paralysis, Parkinson’s disease, poliomyelitis, pulmonary arterial hypertension, renal failure, rheumatic fever with valvular impairment, severe asthma, Still’s disease, stroke, aorta surgery, and terminal illnesses.
While some of these illnesses are unlikely to occur in children, such as occupationally acquired HIV or Parkinson’s disease, the majority of them have the same chance of attacking children as well as adults. Some may be more prevalent in children if we consider the fact that children’s immune systems are sometimes weaker than those of adults. Moreover, certain diseases, such as Kawasaki disease, chronic asthma, leukemia, and insulin-dependent diabetes mellitus, are especially common in children and thus warrant a special attention.
If the child is sufficiently insured, parents will be at an ease of mind. Parents and caregivers can afford to completely focus on helping the child to get better, boosting the child’s chances of healing and surviving.
More importantly, parents tend to overestimate themselves. Should the untoward happen and their children contract a critical illness, they think that they would still be able to work and take care of their sick children at the same time. In reality, this plan seldom succeeds. Usually, at least one parent is forced to stop working and dedicate his/her time solely for taking care of their ill children. When this happens, the family’s income will be roughly halved at a time when money is sorely needed to treat the children on top of the normal family expenses.
There are two main reasons why you should consider a CI plan early for your children: lower premium and ease of mind.
The premium for a policy tends to become more expensive as a person gets older and, if the health condition worsens, the increase can be very steep. When a person is still young with clean bill of health, the insurance premium will be much more affordable. Hence, it is advisable to purchase an insurance policy while your children are still young.
The premium for a policy tends to become more expensive as a person gets older and, if the health condition worsens, the increase can be very steep. When a person is still young with clean bill of health, the insurance premium will be much more affordable. Hence, it is advisable to purchase an insurance policy while your children are still young.
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