Children’s Critical Illness Cover
Deciding whether to get critical illness cover for your child can be a touchy subject for parents – no one wants to have to run through worst case scenarios.
But a difficult situation can become even more heartbreaking if parents don’t have the funds needed to pay for potential medical or living expenses throughout the treatment period.
Child critical illness insurance cover is therefore an increasingly popular choice for financially savvy parents. There’s no doubt that careful consideration of finances and insurance planning means parents and guardians benefit from the peace of mind prudence brings.
If your child were to become critically ill, it’s vitally important to know that you can provide for your child’s medical needs, cover any incurred costs, and give your child your undivided attention.
In this article, we’ll cover…
What is critical illness cover for children?
Children’s critical illness insurance means that you will get a lump sum payout to help support your family if your child becomes ill with one of the serious conditions covered in the policy.
After the payout, you won’t need to pay any further premiums and the insurance policy would terminate.
Some well known and established providers of critical illness cover for children include:
- Legal and General
- Canada Life
- Royal London
However, due to the many variable factors you’ll need to take into consideration, when making a judgement on which critical illness cover provider to use, it’s recommended you solicit help from a critical illness cover advisor.
Make an enquiry and we’ll put you in touch with an expert insurance advisor.
How does it work?
Critical illness cover for children is not a standalone product; it’s added to the parent or guardian’s life insurance policy. This is because the parent or main policyholder would make the claim on behalf of the child if the child is diagnosed with a covered condition.
How much critical illness cover you can take out for your child will vary according to the provider.
Some providers will offer children’s critical illness cover as a percentage of the adult policyholders’ critical illness cover but cap the total lump sum at a fixed rate.
For example, if the main policyholder has critical illness cover of £200,000, and the child’s cover was 25% and capped at £30,000, you would get a maximum payout of £30,000 for your child and not £50,000, or 25%, of your total cover.
If the adult had critical illness cover of £100,000, and took out child cover of 25% capped at £30,000, they would be entitled to a £25,000 payout.
Which critical child illnesses do providers cover?
The range of insured illnesses varies according to the provider, but here’s a list of commonly covered critical illnesses:
If there are any additional child critical illnesses that you’d like cover for which aren’t typically covered by insurers, speak to an expert financial advisor.
Give us a call on 0808 189 0463 or make an enquiry, to be put through to an advisor who can give you advice tailored to your specific needs.
Terms and conditions
Providers offer cover for children from as young as several weeks and up to 18 or even 21 years of age.
The money paid out by the provider can typically be used to pay for:
- The child’s treatment
- Lost income if a parent has to leave work to care for the child
- Any special equipment needed
If you’re thinking about taking out children’s critical illness cover, it’s important to consider how long you’d like the cover for, which illnesses you’d like to insure against, and how big a payout you’ll need.
The insurer that’s right for you will depend on your wishes and circumstances as the terms and conditions vary.
If you’d like help in knowing what sort of child cover to take out, and which provider would be the most suitable for your situation, call Online Money Advisor on 0808 189 0463 or make an enquiry. We’ll put you through to an expert who can do a quick whole of market comparison to find you the most favourable deal.
Speak to an expert
If you have any questions or concerns over how much critical cover to take out, and which provider would offer the most favourable deal for your circumstances, make an enquiry online.
We work selectively with expert financial advisors and we can match you with the right expert for your situation. Give us a call on 0808 189 0463 and we’ll put you in touch with an insurance expert right away!