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Child Life & Health Duo
The Child Life & Health Duo is an innovative protection that combines two important coverages: life and critical illness insurance.
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The Coverage |
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The Child Life & Health Duo is whole life insurance that remains in force for a child’s entire life. What makes it unique is that if the child is diagnosed before age 30 with one of the 32 critical illnesses covered by the contract, the parent receives a tax-free benefit equivalent to 50% of the face amount.
For example, if the life face amount is $50,000 and a critical illness occurs before age 30, a check for $25,000 will be sent to the parents following the diagnosis. The life face amount is then deducted from the benefit amount ($50,000 - $25,000=$25,000) and the contract remains in force for the child’s entire life.
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Why Choose a Combination of Critical Illness and Life Insurance for Your Child? |
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To make up for the loss of income incurred by a parent who temporarily leaves their job to devote him or herself to their child’s recovery
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To pay for medical expenses not covered by the public plan or to arrange for in-home nursing care
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To cover expenses incurred if your child needs to be cared for in a hospital far from your home
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To hire temporary help for the other children at home or to pay for additional childcare expenses
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To avoid financial worries often linked to illness and convalescence
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You use the money (the benefit) as you choose
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Why Insure Your Child? |
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Life insurance needs for a child are in fact lesser than for an adult. However, as your child gets older, his needs become greater. It’s better to take out insurance at a young age for the following reasons:
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Children are generally in good health
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Premiums are lower when a child is young
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Premiums are guaranteed and will not increase over time
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Because health can never be taken for granted, it’s a good idea to purchase life insurance as soon as possible, for the reasons mentioned above. Your child will benefit from the coverage at the very beginning of his life, then for his entire childhood and adulthood.
Whole life insurance offers advantages that your child will profit from his entire life, such as:
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At adolescence, your child will be rewarded for his healthy lifestyle, because he’ll receive a 40% increase in his coverage without additional costs
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For all whole life insurance taken out between age 15 days and 20 years, the child has the guarantee of increasing his coverage regardless of his state of health. This can cover new needs linked to major life passages like college graduation, marriage or the birth of a first child.
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The quick payment option will allow you to transfer the coverage when your child reaches adulthood, completely paid—a gift that he’ll truly be grateful for!
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Premiums are entirely paid up when your child reaches age 30.
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