Child Insurance – Cover for your Most Valuable Assets
During meetings with our BDM’s this week, a topic kept coming up that really struck my interest- Child Insurance. This is a relatively new product in the insurance market and it is not something which has yet been embraced by the Australian consumer. But why not? I am not a mother myself but I regardless, it still prodded at my caring female mind and made me want to let mothers know such a valuable product was available to them. If we are insuring our homes, cars, travel and pets, then certainly we should be insuring our children.
WHAT IS CHILD INSURANCE?
Child Insurance pays a lump sum in the event of a Trauma, Death or Critical Illness, as specified by the provider’s PDS. It can be anywhere up to $200,000 and is attached to an adult policy. No one wants to think about their child falling ill, but the fact is that thousands of children each year are diagnosed with serious illnesses or suffer accidental death.
WHAT ARE THE BENEFITS OF CHILD INSURANCE?
It gives you the freedom to take time off work to care for the child, access quality medical treatment, fund rehabilitation or stay in temporary accommodation while your child is in treatment. It ensures that in a time of crisis for your family, you can give your child the best chance possible to recover and also not suffer financial burden in your normal day-to day life. Even though your world has stopped, the bills will keep on coming.
WHAT DOES IT COST?
Depending on the amount of cover you select, the premium may be from $10 extra per month for around $10,000 of cover. Different companies offer different versions of child cover, so it is important to research or discuss with your advisor what suits your family’s situation most appropriately. Because this is a relatively new concept, insurance companies are offering excellent incentives to take out child cover, such as a period of premium free cover, discounts, and greater payout amounts.
If you would like more information on Child Insurance, please contact one of our friendly female advisors.
By Karlee McBroom