Individuals & Families

Capital Kids' Critical Illness Coverage

Why would you insure the children in your life against a Critical Illness? It’s kind of ghoulish, right? Getting money because a kid gets sick?

But let’s turn that one around … if the little person in your life did get a diagnosis for something really bad, what would you do? Would you just keep on going to work? Act like everything’s normal? Or given the choice, would you drop everything and be there for that little person?

This is the gift that Critical Illness for Children gives to parents – and the kids who need them.

It works just like the adult version – you pay into it when they’re kids – anything from 30 days old to age 15. If they get diagnosed with any of the conditions covered by the policy, you get a lump sum cheque for the amount of the insurance -- $10,000 up to $50,000.

But the better news is, you’re not just protecting them for when they’re kids – you’re locking in their insurance all the way up to age 75. The insurance company guarantees the same rate until that age. Almost half of all Canadians will develop cancer at some point in their lifetime (41% of females / 46% of males). As treatments get better, people tend to survive these illnesses – over 80% of heart attack patients survive. But they’re left with serious bills. Even with core medical treatment covered, there are a huge number of medical costs that aren’t – prescriptions, parking, the cost of child care, medical supplies … Critical Illness Insurance can help to cover all these things.

But wait, there’s more …
It also has a small amount of life insurance attached. Down the road, they can convert this to permanent life insurance – even if they’ve had medical conditions before then.

As an add-on, you can also get an additional package that gives extra payments to help cover medical costs:
- Compassionate Leave Benefit: Starting after three months, this will pay out to support a parent to take a year off work for their critically ill child
- Hospitalization Benefit: $200 / day for up to 30 days while the child is hospitalized
- Accident Benefit: If they’re in an accident, there are medical expenses that can be reimbursed, including prescriptions, physio, etc. as well as payments in case of bone fractures

But what if they never get sick?
If you choose to, you can sign up for a Premium Refund Benefit. At the 15-year mark of the policy and the 30-year mark, they’ll refund 75% of the refundable premiums paid. At age 75, they’ll return 100% of the refundable premiums paid since the 30-year mark.

How much does it cost?
It all depends on the options that you pick.
But for an example, see the chart below: