It is now possible to purchase a Term Life, Trauma or Income Protection policy that includes cover for your child/ren. Should your child/ren suffer a traumatic event this policy will provide a lump sum benefit to assist with the payment of medical care or other related expenses.
What does Children’s Insurance cover?
Select insurers offering Children’s Insurance pay a tax-free lump-sum of up to $200,000 if your child:
- Suffers a traumatic event as outlined in your policy;
- Is diagnosed with a terminal illness; or
Depending on the insurer, most Children’s Insurance policies allow you to:
- Apply for a minimum of $10,000 or maximum of $200,000 sum insured.
- Cover children from ages 2 to 16 years of age (inclusive).
- Add more children – most policies do not limit the number of children you can add to your policy, however each child must have the same sum insured.
- Continue cover as an adult – Once your child turns 18 or 21 they have the option to continue their cover; usually without medical evidence.
Benefits of Children’s Insurance
A benefit payment from a Children’s Insurance policy can:
- Allow you to take time off from work to care for your child;
- Pay for costly specialist medical treatment;
- Pay for other bills such as your mortgage, school fees, or child care if you have any other children;
- Fund home or car modifications;
- Help ensure your child is as comfortable as possible.
Traumatic Events and Illnesses Covered
Traumatic events and illnesses that will generally pay a lump-sum with Children’s Insurance include:
- Benign tumour of the brain with impairment
- Benign tumour of the spine with impairment
- Brain damage
- Chronic kidney (renal) failure
- Intensive care
- Loss of limbs or sight
- Loss of speech
- Major head trauma
- Major organ transplant
You work hard to provide for your children so why not further protect them with Children’s Insurance?
Contact Jennings Financial Service to compare the Children’s Insurance options available from select insurers.