One of the greatest gifts in life is to be a parent.
However, being responsible for a raising a little human can also be one of the scariest things.
They don't come with an instruction manual and there is no crystal ball you can turn to for a heads up.
And unfortunately, life does not discriminate or protect our young ones from harm, such as illness, injury or early passing.
As a parent myself, I know this first hand after just coming out on the good side of a health scare with my 9 year old daughter.
Nothing hurts more than seeing your child sick or hurt – you would give anything to help them and take the pain away.
As a Financial Adviser, I’ve seen too many families devote all their time to providing the emotional support and care their child needs, and at the same time have to deal with unexpected financial hardship that can come as a result.
It happens as there can be additional (and sometime significant) expenses to be covered such as treatment, medical care and rehabilitation costs. These costs can be crippling in themselves.
Couple this with the fact that family income during this time may be reduced as parents cut back on work or have to stop all together to support their child.
However, it doesn't have to be this way.
Although, as an Adviser, I can't protect children from life’s unfortunate events, I can help families avoid the financial pressure if this happens to them.
It’s as simple as taking out Child Trauma Insurance.
Child Trauma Insurance can be taken out once a child turns 2 and it provides a tax-free lump sum payment if you your child suffers one of the specific eligible conditions covered in the policy, or if they pass away. Things like serious illnesses and accidents, cancer, brain damage and severe burns.
This payment can be used to pay for the unexpected medical and rehabilitation expenses, to replace lost income where a parent takes time off or even to reward the family with a holiday during what can be an incredibly stressful time.
Getting advice around the most suitable cover for your family is extremely important as there are a number of different options available with different terms and conditions.
Trying to decipher what it all means on your own can be confusing.
And you deserve some certainty when it comes to knowing what your child can be covered for and what they can’t.
Raising children can be challenging enough without having to also worry about your financial situation if they are unwell.
I’ve seen too many situations that could have ended differently if only they had taken up this cover.
I don't want to see this happen to anyone again.
If this sounds like something you or any other parents you know would like to know more about, I’d be delighted to discuss how I could help.