Equiliving Critical Illness Insurance for Children

Equitable Life makes its Equiliving Critical Illness Insurance product available for children

Equitable Life of Canada is the latest life insurance company to design a critical illness insurance policy for children. As of July 25, 2011, Equitable Life redesigned their Equiliving Critical Illness Insurance policy to include children. This is an excellent health insurance protection product for families looking to make sure their children have access to the very best medical care, home care and parents at their bedside.

Critical illness insurance on children allows parents the financial freedom to be there for their children when they are seriously sick and need care. Very often parents need to choose between a job, family vacations, education and retirement savings vs. providing the care and attention their children need when managing a critical illness. A children’s critical illness insurance policy avoids having to make these though choices because you have financial resources to get through.

Equiliving Children’s Critical Illness Insurance plan design

Parents can buy Equiliving Critical Illness Insurance for their children starting at 30 days after birth. The children’s policy is issued until age 17 (at 18 it is issued as an adult policy). Here are the key features of this critical illness insurance plan for children:

• Minimum coverage $25,000
• Maximum coverage $250,000
• Covers 25 normal critical illness conditions
• Covers 5 childhood conditions until age 25; namely Cerebral Palsy, Congenital Heart Disease, Cystic Fibrosis, Muscular Dystrophy and Juvenile Diabetes
• Access to Best Doctors
• Early Detection Benefit
• Return of Premium on Death (optional)
• Return of Premium on Surrender/Expiry (optional)

Three plan options

The Equiliving Critical Illness Insurance policy has three different types of plans you can chose from:

• Term 10 renewable to age 75 – price increases every 10 years and policy expires at age 75.
• Term to 75 – level cost to age 75 then the policy expires.
• Term to 100 – lifetime critical illness insurance coverage even if you live past age 100.

The term 10 policy is the least expensive in the early years but will increase to be more expensive than the term 75 and term 100 plans after its first or second renewal. The term 75 plan is well priced and covers your children through their entire youth and adult life, and into retirement. Combined with a return of premium on expiry/surrender and your children will get back the entire premium invested into the plan if they never get sick.

Cost of children’s critical illness insurance

There is very little change in premium for children under this policy. A quick analysis of pricing seems to show that the price remains level from age 30 days until 10 years old. Then the critical illness insurance plan drops slightly in price for children ages 11 to 15, and then gets more expensive again for ages 16 and 17. As I said, the pricing difference is minor, and changes only about 5-6% either up or down.

For this reason I will do a quick comparison of prices for age 5 – the standard price for all children to age 10. We will look at the three different products, Term 10, Term 75 and Term 100 for amounts of $50,000, $100,000 and $250,000. All quotes with include Return of Premium on Death but not on Expiry/Surrender.

Boy

Girl

Get a quote for your children’s critical illness insurance

If you are interested in finding out more about critical illness insurance for your children, please feel free to contact Life Guard Insurance. We can help you with the Equitable Life Equiliving critical illness insurance plan or other children’s’ critical illness insurance policies from various insurance companies.

The article was written by Mitch Reynolds+. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article  Equitable Life launches children’s critical illness insurance would be very much appreciated.

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3. Protect Your RRSP from A Critical Illness
4. A Child Term Rider is a Low Cost Starter Life Insurance Plan for Children
5. What is Critical Illness Insurance