What To Expect With Children's Cover
Child Cover provides a lump sum benefit so you can focus on helping your child recover.
Continuity Of Cover
Cover can be purchased for children between the ages of 1 and 17 and can be converted into an adult Critical Illness Cover once they turn 18.
Choose Level Of Cover
Choose your own benefit for each of the children you’re insuring. You can get coverage from $20,000 to $200,000 for each of them.
Flexible Cover
The benefit can be used in any way you choose. Whether it’s for medical expenses, treatment, or to replace your income while you take time off work.
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Why Do I Need Children's Life Insurance?
When you purchase a Child Cover policy, you are ensuring that your family can focus on what really matters – caring for your child – without the added stress of financial strain.
Having this type of insurance in place means that if your child requires significant medical care, you are a paid a benefit which you are in full control off.
No one likes to think about the potential loss of a child, but having a financial safety net can ease the financial worries during such a painful time.
How Does It Work?
Once a child cover benefit is paid, there are no restrictions on what it can or can't be used for.
Funds can be allocated to provide specialised treatments at a private hospital that may not be fully covered under your existing health insurance policy.
Funds could also be used to support ongoing care, help with other expenses during recovery, cover mortgage repayments and other out of pocket costs.
It ensures that other family members can afford to take time off work to grieve without the pressure of immediate expenses.
What illnesses does Children's Life Insurance cover?
The sum you choose to insure for is also paid if you child has a terminal illness or passes away. Here are the important cover types to consider:
- Cancer
- Stroke
- Heart attack
- Cardiomyopathy
Ensure you review your relevant insurers Product Disclosure Statement to determine which conditions are covered by your specific policy. Reach out if you need a hand.
- Benign brain tumour
- Chronic kidney failure
- Major head trauma
- Major organ transplant
- Severe burns
Ensure you review your relevant insurers Product Disclosure Statement to determine which conditions are covered by your specific policy. Reach out if you need a hand.
- Loss of independent existence
- Loss of speech
- Medically-acquired HIV
Ensure you review your relevant insurers Product Disclosure Statement to determine which conditions are covered by your specific policy. Reach out if you need a hand.
- Meningococcal
- Aplastic anaemia
- Prolonged intensive care
Ensure you review your relevant insurers Product Disclosure Statement to determine which conditions are covered by your specific policy. Reach out if you need a hand.
- Coma
- Blindness
- Loss of hearing
- Loss of use of limbs
- Paralysis
- Subacute sclerosing panencephalitis
Ensure you review your relevant insurers Product Disclosure Statement to determine which conditions are covered by your specific policy. Reach out if you need a hand.
The Benefits of Children's Life Insurance
Life insurance cover for couples can have the following benefits.
Funeral Advancement
This benefit helps with the immediate costs of death. This is paid upon receipt of the child’s death certificate and bypasses some processes to provide you with funds as soon as possible.
Mental Health Support
Most policies will help cover costs of mental health support if you require grief counselling, if you need it. This means you can get support without worrying about the financial burden.
Accommodation
Some policies can also include an Accommodation Benefit which will contribute towards costs of accommodation if immediate family need to travel or relocate to be with your child.
Stable Rates
Unlike an adult Life Insurance policy, the annual costs of Child Cover are not rerated to their age each year. While premium rates are not guaranteed, you can expect more premium stability.
Cost Effective
Child Cover is a cost effective way to supplement your family health insurance policy. At the time of writing, expect to pay $200-$400 per annum for $100,000 of Child Cover.
Child To Adult Cover
No further underwriting is needed if your child converts their policy to an adult one at 18. Including Child Cover with adult Life Insurance ensures your child has coverage when they reach adulthood.
Things You Should Know
Coverage Limitations
Coverage is limited to Accidental Death only during the first three months of the policy being taken out. This can be waived if you have an existing Child Cover policy.
90 Day Qualifying Period
Your child won’t be covered for any claimable injury, illness, or death from any cause that becomes evident or occurs before the start date or within the first three months of the policy.
When Child Cover Ends
Coverage for each child ends on the policy anniversary after they turn 21 unless they or you choose to convert the policy into an adult Critical Illness Policy.
Our tool simplifies comparing different health fund options and plans. This will make sure that you find the best health insurance for children without the hassle.
Are You Ready to Protect Your Little Ones?
Get a quote today or chat with our specialists to speak about adding Child's Cover to your Life Insurance policy. Call us at 03 7036 0607 to start the process.
