Many of us have heard of or even own critical illness insurance on our own lives because we recognize the financial impact it could have – our healthy spouse will likely take time off of work, we may need to hire extra help around the house for our kids, we possibly need to travel to find the best care, or maybe the drugs or treatments are not covered. But many of us have not considered the impact of one of our kids having an illness. I can almost guarantee you haven’t considered buying this coverage for your kids or grandchildren as a gift! It’s hard to think about anything bad happening to our kids, but the reality is it happens and when it does, the financial impact could be catastrophic. All of the expenses listed above would continue to be a reality, but to add to it, there would probably be a drop in both parent’s incomes.