It seems like we spend most of our adult lives planning: planning for our first job, planning our wedding, planning for children, planning for career advancement and planning for retirement. The progression seems really natural–until the unthinkable happens. Whereas critical illnesses among older adults seem common, rarely do we consider the possibility of such an event striking young children.
Whether it’s on Facebook or through friends, we hear nightmare stories of kids being diagnosed with illnesses or sustaining serious injuries and as much as we’d like to help, we mostly just donate about $50 and hit the “share” button. Then, we hope for the best.
For most parents, planning for their kids means RESPs and school enrollment. What’s the likelihood of needing anything else more urgently, right? Well, what if your child, or even worse, children, start showing symptoms of something completely unfamiliar? What if it’s more than a cough, a fever, or a bump and stitches on the forehead?
Consider this real-life story about a family who had both children diagnosed with a rare inherited disease for which there is no cure. It starts out with the kids being seemingly clumsy. Eventually, the symptoms get worse enough where they can no longer be ignored. Then, the medical tests start. Months of tests lead to no definitive conclusion, so more tests are needed, all taking time away from your work and taking a toll on everyone in the family, not to mention the cost of therapy or modifications to the home to accommodate for any mobility issues. Now, imagine not getting a proper diagnosis for years and then having to change your entire routine in order to manage the disease.
Sure, the odds of something so grim is slim, but not nil. So, where do you start planning for something like that? First of all, having a healthy savings plan is a good start. Then, you may want to look into critical illness insurance, which can give you quick and direct access to some of the best medical care you may need.
Here are some questions to ask when you’re looking into critical illness insurance.
Ken Steele, CLU, CH.F.C
Insurance and Financial Advisor
Suite 230, 1210 – 8 Street SW