Critical Illness Insurance - Additional Cover For Chlidren
Traditionally there has been little thought given to easing the financial suffering of those families whos children suffer from disease
. However over the last few years insurers have realsied the importance of family insurance with many now offering automatic life and critical insurance for children.
Insurance provider Zurich provided has been at the fore front of promoting critical illness cover for children and now offers free critical illness cover for children up until the age of 17 at no extra charge to the policy holder. The provider have also claimed that since 2008 they have paid out 975,000 to 60 families whose children were affected by a critical illness.
Similarly insurance giant Aviva are now offering new parents free life cover of up to 10,000 for their new born until they reach their first birthday. This is in response to Avivas shocking research that over 40% of new parents do not have any life cover in place. Additionally those who do have cover in place almost 20% of those only have enough to cover their mortgage.
Even with dramatic advances in medical technology the number of children being diagnosed with cancer has changed very little in the last 40 years and still has a huge impact of the surrounding family. The amount families can claim is normally a precentage of the the policy holders cover, up to a certain limit; this limit can differ between providers. The cover normally applies to those between the ages of 30 days and 18 years and all claims are assed on a simpler version of the adult criteria. In addition to this making a claim on your policy for a childs critical illness should not affect your cover or cause the policy to terminate.
Insurance companies providing this cover could help to cover:
Medical costs
Nursing care
Allowing parents time off work
The crucial point here is that having critical illness cover for your child will allow you, financially, to take time of work. Critical illness cover within an adult policy can be a huge advantage for families, with the additional benefit that with most UK policies it comes at no extra cost.