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SOBERING FACT: Friends of mine recently lost their 7 year old son to a brain tumour. He had fought the tumour for two years and was so brave. But the financial impact on his family both during treatment and after his death has placed unnecessary pressure on the family unit. It was not just the medical expenses, both parents had to take time unpaid away from work to travel for treatment, so their income was also affected. Unfortunately, the parents have separated, making the grief even more difficult to deal with. If they had some financial assistance throughout the ordeal, maybe the current circumstances could be different.
This option allows parents to cover each child individually for up to $250,000 each and provides cover for a large number of trauma events such as blindness, cardiomyopathy, paraplegia, malignant cancer and severe burns as well as death and terminal illness.
The Insured child option is very low cost with pricing on average at $10.50 per $10,000 of cover, per annum. It's a very convenient way to include cover for children into an adult policy and the low premium means it's not a difficult buying decision to make.
Medical treatments for children can, of course be very expensive and result in significant out of pocket expenses. But one of the biggest concerns for parents with sick children is the high cost of taking time off work to look after them. This cover is designed to help with that.
This insurance is usually placed within the parent's policy, but does also guarantee the child their own Life Insurance policies when they are adults (conversion ages vary between insurers) without the need for medical information. This could be the start of their journey in Personal Risk Management.
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