Wealth Jul 30, 2020

What happens to my income if my child get sick?

3 min read

For many of us, family comes first. If your child is sick then you drop everything to be there for them, including work.

But what happens if it’s not just a couple of days you need off? An important question we ask our clients is this: what will you do if your child is sick for more than a few days? What if you are staring down the barrel of months off work and time in hospital? This could potentially have big ramifications – not just emotionally but financially too.

Would you rely on crowdfunding to survive?

We’ve seen more and more crowdfunding pages set up recently for people to raise money to cover medical expenses and living costs when their kids get very sick, because they are no longer working whilst they care for their child. It’s a horrible fact of life, but something that must be considered

There is a benefit option on some insurance policies which allow you to insure your child/ren as well. Known as Child Trauma cover or a Child Critical Illness benefit. The sum insured is paid out if your child becomes ill with one of the defined illnesses covered by the product. Some policies don’t require underwriting and provide the cover with no additional premium (up to a certain limit). You can also choose to insure a greater amount, but speak with your Entourage Wealth Financial Adviser first who can help you understand how much cover is required.

Mitigating your risk

Taking out insurance is all about risk mitigation. No one ever expects something is going to happen to their kids. But if it does, the last thing you want is to have pour your personal life in public putting yourself at the mercy of strangers, friends and family to donate money to help keep a roof over your head.

This particular benefit may be one of many that are on your existing insurance policy right now. Lots of people have cover and benefits for a number of scenarios and aren’t utilising them.

If you’re not sure what you’re covered for or whether you’re making the most of your benefits book a complimentary Insurance Health Check with Entourage Wealth today.