Child critical illness insurance in 2024: Get free quotes
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Child critical illness insurance in Canada provides financial protection if your child is diagnosed with a serious illness. It offers a lump sum payout to help cover medical expenses and additional costs, ensuring financial support during a challenging time.
But how do you choose the right plan? How do you decide what is the best coverage amount? Find out more in our guide below.
We cover everything you need to know about child critical illness insurance plans, how they work, and more. Make sure to use our free comparator to explore the best plans in Canada, compare them, and get free personalized quotes.
Child Critical Illness Insurance: 5 Key Takeaways
- Offers a lump sum payment upon diagnosis, covering medical expenses.
- Child CII policies span a range of illnesses, from cancers to paralysis and more.
- Some plans can extend beyond your child turning 18, with automatic continuation
- Notable insurers include Humania, Canada Life, and Desjardins.
- Cost fluctuates based on factors such as the child's age and coverage amount.
What is child critical illness insurance?
Child critical illness insurance is a type of life insurance that provides a lump sum payment if your child is diagnosed with a critical illness covered by the policy. It’s designed to help families cope with the financial burdens that can come with a child’s serious illness, such as medical expenses, lost wages, and childcare costs.
Here are a couple of things to keep in mind about child CII:
- Premiums for child CII are typically lower than premiums for adult CII since children are less likely to develop critical illnesses.
- Child CII policies can be purchased with different levels of coverage.
- Some child CII policies offer riders, such as a waiver of premium rider, which will pay your premiums if you become disabled.
Child CII is a great way to safeguard your child's well-being. Take your time to shop around before making any decision. Compare different plans from various providers using our comparator below and get free quotes based on your and your child's unique needs.
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What does children’s critical illness insurance cover?
The specific illnesses covered by child CII policies can vary depending on the insurer, but some common examples include:
- Cancers: Cancers in children generally respond well to treatment, but the journey can be challenging and expensive.
- Heart disease: This can include congenital heart defects or acquired heart conditions.
- Stroke: Strokes are less common in children than in adults, but they can still have a devastating impact.
- Kidney failure: This can be caused by a variety of factors, including genetic conditions or infections.
- Paralysis: This can be caused by injury, illness, or infection.
- Blindness: This can be caused by a variety of factors, including genetic conditions or accidents.
- Deafness: This can be caused by genetic conditions, infections, or loud noises.
- Organ transplantation: This may be necessary for children with organ failure.
<strong>What is limited pay children’s insurance?</strong>
In the context of children's insurance, "limited pay" typically refers to a specific option for premium payments on certain types of policies, most commonly life insurance or critical illness insurance (CII).
What are the benefits of child critical illness insurance?
There are several potential benefits to having child critical illness insurance, both financial and emotional, for you and your family.
Here are some key benefits:
- Lost income support: If you have to take time off work to care for your child, CII can help compensate for lost wages.
- Childcare costs: The lump sum can help cover additional childcare costs if your child requires special care during treatment or recovery.
- Provides choice: CII can give you more flexibility in treatment options by potentially covering expensive, but potentially life-saving, treatments.
Also, some policies offer an early payment even before treatment starts, providing immediate financial aid. Similarly, some guarantee coverage for covered illnesses even if your child develops them later in life.
What is the cost of child critical illness insurance in Canada?
The cost of child CII in Canada can vary greatly depending on several factors, making it difficult to give precise estimates.
Here are some of the main cost-influencing factors:
- Child's age: Premiums are generally lower for younger children and increase with age.
- Coverage amount: Higher coverage amounts naturally lead to higher premiums.
- Policy term: Policies with longer terms, like 10-20 years, tend to be more expensive than shorter-term options.
- Health history: Any pre-existing conditions or family history of critical illnesses could increase the cost.
Also, additional riders like waiver of premium or guaranteed insurability add to the overall cost — and different companies offer varied pricing structures and discounts.
Here’s what you can expect to pay for child CII in Canada
| Child's Age Range | Annual Premium Range | Monthly Premium Range |
|---|---|---|
| Newborn - 5 years | $100 - $500 | $8 - $42 |
| 5 - 10 years | $200 - $800 | $17 - $67 |
| 10 - 15 years | $500 - $1,500 | $42 - $125 |
It is important to reach out to different providers and get personalized quotes before settling on a plan. While that may seem like a daunting process, we've made it simple for you. Just use our comparator below to compare the best child critical illness insurance plans in Canada and get free quotes based on your unique needs.
Find a critical illness insurance policy that's right for you
Can coverage continue after your child turns 18?
Yes, child critical illness insurance coverage can continue after your child turns 18 in Canada under certain circumstances and depending on the specific policy you have.
Here are some possible options:
Automatic continuation
- Long-term care conversion rider: Some policies offer an optional "long-term care conversion rider" that allows you to convert a portion of your child's CII coverage to long-term care insurance when they turn 18. This can provide financial support if your child develops a chronic illness or disability later in life.
- Guaranteed insurability rider: A few policies offer a "guaranteed insurability rider" that allows your child to purchase additional CII coverage at a specific time in the future, regardless of their health status, without needing medical underwriting.
Manual continuation
- Renewal options: Some policies allow you to manually renew your child's CII coverage after they turn 18, though premiums may increase due to their age and risk profile.
- Individual CII purchase: As your child becomes an adult, they can purchase their own individual CII policy with higher coverage amounts and different terms.
How to get critical illness insurance for your child?
Getting critical illness insurance for your child in Canada involves several steps and considerations.
Here's a guide to help you navigate the process:
1) Assess your needs
- Consider your family's financial situation: Can you afford the ongoing premiums without impacting your budget?
- Evaluate your child's health history: Are there pre-existing conditions that might affect coverage or affordability?
- Understand available government healthcare: Public healthcare covers essential medical needs, but CII could offer additional financial support for specific critical illnesses.
2) Research your options
- Consult insurance providers and brokers: Compare offerings from different companies and compare premiums, coverage amounts and policy terms.
- Review different policy types: Individual vs. group plans, term vs. guaranteed renewal, coverage inclusions and exclusions.
- Check online resources: Independent review websites compare policies and provide consumer guides.
3) Get professional advice
- Talk to a financial advisor: They can assess your family's financial situation and recommend suitable CII options based on your needs and goals.
- Consult a pediatrician or healthcare professional: They can address any medical concerns and clarify how CII coverage could complement public healthcare for your child.
4) Apply for coverage
- Gather necessary documents: Birth certificate, health records, and other financial details as required by the insurer.
- Complete the application: Answer all questions honestly and comprehensively to avoid future complications.
- Undergo medical underwriting (if applicable): Some policies may require medical tests or examinations to assess your child's risk profile.
At last, compare multiple options and ask questions before committing to a policy, and choose coverage that provides adequate financial support without putting undue strain on your finances. You can use our comparator for the same.
Compare critical insurance plans today
Which are the best options for child critical illness insurance?
Determining the best insurance companies for children's critical illness in Canada is subjective since it depends on your specific needs and priorities.
Here are some top-rated options in Canada:
- Humania: Offers comprehensive coverage with a high payout for 37 conditions, including several specific to children. They also provide a compassionate allowance for grieving parents.
- Canada Life: Known for its flexibility and comprehensiveness. They offer guaranteed insurability riders for future policy adjustments.
- Desjardins: Provides extensive coverage with various policy options suitable for different budgets and needs. They have a strong brand reputation in Canada.
- iA Financial Group: Known for its flexibility and adaptability. They offer individual and rider-based CII options and various coverage levels.
- Sun Life: A recognized brand with a wide range of CII products for children. They offer simple coverage options and competitive premiums.
Some other noteworthy companies:
- Empire Life: Known for its family-friendly policies and bundled product options.
- Foresters Financial: Offers built-in features like waiver of premium riders and additional benefits.
- Manulife: Provides combination products that combine CII with other types of insurance like term life.
- Beneva (formerly SSQ): Known for their mutual structure and focus on member benefits.
- BMO Insurance: Offers affordable options with comprehensive coverage for price.
What happens if you never make a claim?
Whether anything happens if you never make a claim for child CII depends on several factors and the specific terms of your policy. Here are some possibilities:
No financial benefit
In most cases, the premiums you pay for child CII are non-refundable, even if you never make a claim.
This means you won't receive any financial benefit from the policy if your child remains healthy. Since your child never experiences a critical illness covered by the policy, no payout would occur.
Potential benefits
Some policies offer optional "return of premium riders" that may refund a portion of your premiums if no claims are made after a certain period, typically at the policy's maturity or when your child reaches a specific age. This can be a way to recoup some of your costs if your child remains healthy.
Similarly, certain policies might offer the option to convert your child's CII coverage to a different type of insurance, such as life insurance or long-term care insurance, when they reach adulthood. This can provide different benefits and avoid letting the premiums go to waste.
Use our comparator to get coverage details and rates of child CII policies from leading Canadian providers and make an informed decision.
