When you think of life insurance, you automatically think of insuring the life of an adult.
It’s hard enough contemplating your own morbidity, it’s heartbreaking thinking of a child.
I don’t like discussing children’s Serious Illness Cover, but as it’s a question I’m frequently asked, I’d like to be able to refer you to an article rather than having to talk about it.
You don’t want me to have a breakdown on the phone.
You can’t insure the life of a child but when you buy a life insurance policy, your children are insured as part of your policy.
Children’s life cover provides a portion of free life cover for your children.
The amount of free cover varies from insurer to insurer:
For most insurers, cover begins once the child is 3 months old, but with Irish Life, your children are covered from birth.
Children’s life insurance ends once the child reaches 21 with most insurers, it’s 25 with Irish Life.
As with life insurance, you can’t buy serious illness cover for a child but they are covered automatically on their parent’s policy…
…IF THE PARENT has serious illness cover.
Again, the amount of free cover depends on the insurer you choose:
Yes, there are quite a few, but these are not available at all of these insurers.
On the birth or adoption of a child, you can increase your cover without medical underwriting.
What is guaranteed insurability?
If your child is diagnosed with a serious illness, they can obtain a second medical opinion from the world’s leading medical professionals.
If the parent has hospital cash cover, the child gets free cover of between €30-€60 per day.
Gives you the option to have your child treated abroad for certain illnesses if treatement isn’t available in Ireland. This is currently set at €30,000 per day for the first 7 days.
The above are important benefits so if you have any questions, please get in touch.
I promise I won’t cry…much
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