Childrens Critical Illness Cover

Children’s Critical Illness Cover is an option that can be added to a parent’s or guardian’s Critical Illness Cover policy. There are also a couple of Providers that allow for children’s cover to be added to a parent’s or guardian’s Life-only plan.

It provides financial protection for the child in the event that they are diagnosed with a specified critical illness or medical condition covered by the policy.

Here are some key points about Children’s Critical Illness Cover:

  • Cover for Specified Illnesses: Similar to the adult version of Critical Illness Cover, Children’s Critical Illness Cover typically covers a list of specified critical illnesses. Common examples include cancer, heart conditions, major organ transplants, and certain neurological disorders.
  • Lump Sum Payout: If the insured child is diagnosed with a covered critical illness, the policy pays out a lump sum amount. This lump sum can be used to cover medical expenses, ongoing care, or other related costs. It’s also important to think about the impact of a child’s diagnosis on the parent’s or guardian’s ability to work and the financial impact this could have on the financial status of the household.
  • Age Limit: Cover usually applies to children up to a certain age, often 18 or 21 years old, some Providers cover up to age 23 if the child is in full-time education.
  • Parent’s Policy: Children’s Critical Illness Cover is typically added as an optional benefit to a parent’s or guardian’s own Critical Illness policy. It is not a standalone policy for the child.
  • Survival Period: Like adult policies, there may be a survival period that the child must meet to qualify for a payout. This means that the child must survive for a specified period after the diagnosis.
  • Premiums: Adding Children’s Critical Illness Cover to a parent’s policy usually involves an additional premium. The cost can vary based on factors such as the child’s age and the level of Cover.
  • Availability: This cover is only available through professional financial advisers and does not appear on comparison websites.

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