Children’s Life & Serious Illness Cover

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.

Can I buy life insurance for a child?

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:

• Aviva : €2500 per child
• New Ireland : €4000 per child
• Royal London and Friends First : €5,000 per child
• Zurich Life : €6,000 per child
• Irish Life : €7,000 per child

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.

What about serious illness cover for children?

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:

• Friends First: The lower of €20,000 or 50% of the parent’s illness cover amount. Max age of child is 21
• Royal London, Aviva, Zurich and New Ireland : The lower of €25,000 or 50% of the parent’s illness cover amount. Max age of child is 21
• Irish Life : The lower of €20,000 or 50% of the parents illness cover amount. Max age of child is 25.

Are there child related benefits available on a life insurance policy?

Yes, there are quite a few, but these are not available at all of these insurers.

Guaranteed insurability

On the birth or adoption of a child, you can increase your cover without medical underwriting.

What is guaranteed insurability?

Medical 2nd opinion service

If your child is diagnosed with a serious illness, they can obtain a second medical opinion from the world’s leading medical professionals.

Aviva’s Best Doctors v Royal London’s Helping Hand

Hospital cash cover

If the parent has hospital cash cover, the child gets free cover of between €30-€60 per day.

Overseas treatment plan

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.

Over to you…

The above are important benefits so if you have any questions, please get in touch.

I promise I won’t cry…much

Nick McGowan
lion.ie | making life insurance easier.