Financial Planning: Critical Illness for Families with Children
In the latest Street Smarts with Taayla video, I’m discussing the ways you can take preventative measures to protect your family in the instance that your child falls ill with a critical illness. Parents will do everything they can to protect their children from harm. But most times, that doesn’t include envisioning a future where their child falls critically ill. While this is an uncomfortable topic, it’s an important one, as the repercussions of a critical illness can significantly impact your family in many ways.
The Impact of Critical Illness
It’s hard enough to imagine ourselves in this situation, so how can we even entertain the idea that it could happen to our children? When I talk to parents about critical illness insurance for their young ones, they don’t usually see the need for it. However, with over 900 new cases of children being diagnosed with cancer each year, I believe it is important to help families prepare for the worst case scenario.
Some of the challenges that can result in financial stress include:
- Alternative medicines that can add up to hundreds of dollars each month.
- The need to hire extra help to help around the home.
- Loss of income revenue or the ability to work due to emotional or psychological distractions.
- Having to take time of work to be with your child at home, or in the hospital.
- Putting retirement or travel savings plans on hold to pay for medical expenses.
Consider Critical Illness Insurance for the Family
The emotional and financial strain for families with sick children can go beyond a few months into years of hardship. This is why I urge parents who have coverage for themselves to consider getting critical illness insurance for the rest of the family. Critical illness insurance for your children is valid for the rest of their lives, even as grown-ups. While it may not lessen the heartache of the situation, a critical illness insurance plan can help parents focus on what’s most important – the health of your child.
Thank you for trusting me to speak on this difficult subject and I hope that you are encouraged to make the best decision for your family; to cover all your bases and focus on living an excellent, secure life!
I’d love to hear your feedback, or if you have a similar story, please share with us in the comments below! I will do my best to help support you through it. Please like and share this video, and subscribe to our channel: Engrace Financial Solutions, financial success made simple.