Financing the unthinkable – ensuring that you can afford the best care if your child becomes critically ill

Andre Froneman, product specialist at Altrisk.

The diagnosis of a serious illness in a child is a devastating blow and creates an instant crisis in any family. And if your child has been diagnosed with a critical illness, the last thing you want to think about is money.

Thankfully, many responsible parents have long-term insurance cover to protect their family’s finances should they contract a serious illness. However, the financial effects of a child becoming ill, and the cost of ongoing care and therapy, are often overlooked.

“The financial consequences of a child’s impairment or illness can be even more difficult to manage when one considers that, in many cases, a parent may have to take time off work temporarily, and possibly permanently, to care for their child,” explains Andre Froneman, product specialist at Altrisk.

Without doubt, a child’s diagnosis of a critical illness will put all other facets of family life on hold while parents do their best to secure their child’s recovery and relief from any suffering.

The Future is Unknown

Unfortunately, there is no certainty in the world, and even though we would love to protect our children from all illness and harm, we are not always able to do so. To cover the cost of these unthinkable events, Critical Illness cover for children is often available as part of the cover of the insured adult, as children cannot be insured individually. This is known as a rider benefit.

Altrisk offers cover for children under the Comprehensive Critical Illness benefit, which covers children of the policyholder for critical illnesses.

In the case of children, the benefits of Critical Illness cover are designed to:

• Ensure that your child has access to the best care possible
• Allow you, as a parent or guardian, to take time off to care for your child during rehabilitation
• Provide child care, nursing care at home or other forms of assistance
• Enable you to make necessary modifications to your home or car, should your child be disabled and need accessibility equipment

Preparing for the future by including your children under your Critical Illness cover is an important and valuable exercise that you should be discussing with a professional advisor. “As horrifying as the notion of your child becoming seriously ill is, there is comfort in knowing that you are financially capable of providing the very best care possible if you ever have to deal with the emotional devastation of a child’s diagnosis,” concludes Andre.