Over the years that Critical Illness Policies have been in existence, providers have developed them in line with consumer demand and competition. Specified Critical Illnesses have been added and conditions for claim have been tweaked. One area of cover that has appeared in the last few years is Critical Illness in Children.
Unfortunately, it is a hard fact of life that children can and do contract serious, even life-threatening illnesses, such as leukaemia.
In the unfortunate event that a dependent child is diagnosed with a serious illness, parents are going to be thrown into a state of shock, of course they are. Once the reality has been accepted, most parents quickly re-group and focus their efforts on getting the child well.
This can mean anything, from reducing hours of work, to giving up work completely, or even selling the house to free up money for speciality treatment. It may involve adapting the house in some way, or renting a property to be near a particular specialist hospital. The list is endless really…but it is all at a cost.
Most people who have had the foresight to purchase a Critical Illness Policy are not even aware that if it is a modern policy, it’s likely to have an element of Children’s Cover built in, albeit quite a small amount, usually around £25,000 for each child.
This cover can be the forgotten hero.
So, if you own a Critical Illness Policy, check it and see if it includes some element of children’s cover and read what it covers carefully. If you have an old policy, which does not include any Children’s Critical Illness Cover and you are worried, talk to your adviser about an upgrade.
We have found an insurer that will allow a purchaser to add up to £100,000 of children’s Critical Illness cover to a Life Cover policy, for those who cannot afford a Critical Illness Policy for themselves. Such is the importance of this type of cover for those who have it. The companies that provide this cover know that it is a really unique feature that many customers will go for, as the cost is relatively inexpensive and the benefits outstanding.
If you are new to the market for this type of personal protection, talk to your insurance adviser about the cost of a Critical or Serious Illness policy, which includes Children’s Cover.