Critical Illness Insurance for Children

After my first son was born, I wondered if there were any financial products other than RESPs that can help my child into adulthood. The research began. What I discovered was not only a great way to protect our family in the event our child developed a serious illness- but also a magic piggy bank, allowing me to save for the future. It changed my life in an unexpected way as it was the inspiration behind bonjourjames.com which aims to educate parents and grandparents about Critical Illness and other financial products for children and young families.

Critical Illness insurance pays a lump sum, tax-free benefit should a child be diagnosed with a serious condition like Cerebral Palsy, Cystic Fibrosis, Type 1 Diabetes, among other illnesses.

This allows a parent to take time off work to care for the child and pay for unexpected health care expenses.

Remember that magic piggy bank I mentioned? At age 25, if your child has not had to claim the benefit (yay!) you get reimbursed 75% of your premium which you can gift to your child. And, the insurance coverage remains in place for their entire lifetime at the same low premium you were paying when they were a child. Any time, as of age 40 your child (now an adult) can decide to terminate coverage and be reimbursed 100% of any premiums which have not been reimbursed yet. A definite win-win!

Financial Security Advisor by trade, Gianna Ricciardi is also mom to two rambunctious boys who have inspired her to launch bonjourjames.com. Acknowledging the important role her parents played in making her a financially independent adult, she set out to coach and inspire other parents on how to help their kids prepare for a strong financial future.

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