Many parents experience a decrease in earnings when their child is diagnosed with a serious illness. Sometimes one parent has to stop working altogether to become a full time carer.
Additional monthly expenses may also be incurred by parents while their child is going through treatment; for things such as hospital parking, food, & travel. Any adverse change to income or expenditure can be an issue when essential bills still need to be paid regardless of your personal circumstances.
What is Children’s Critical Illness Cover?
Children’s Critical Illness Cover provides a lump sum if a child is diagnosed with a critical illness that is specified by the provider. This lump sum can help ease financial pressure and allow you to focus on the needs of your child and wider family.
It covers children that are natural (born to the policy holder), adopted, step-children and children that you are the legal guardian of.
You pay a monthly premium to have this cover included on your plan.
What are the cover options?
You can get both standard and enhanced policies. Standard being more basic, covering less illnesses and having lower pay-out amounts, and enhanced being more comprehensive, by not only covering more illnesses and having higher pay-out amounts. But also covering your child for longer (to age 22).
The amount of cover available depends on the provider. Some allow you to select how much cover you want to have.
Children’s critical illness cover cannot be taken out on its own. It is added to an adult protection plan such as critical illness cover, life cover or income protection. This gives you flexibility to choose the right cover for you, as you are not limited to one policy type to benefit from the addition of children’s critical illness cover.
Advice is key when selecting the provider & cover amount. Protection professionals, like ourselves, have a vast knowledge of the options available and we can assist you in selecting the plan that is best for your individual circumstances.
For more information on this, please contact us on 01455 63 61 63 or click here to view our availability & book an appointment with an adviser. https://onerooffinancial.co.uk/contact/
Blog written on 03/12/2024
The information contained within this blog was correct at the time of publication (03/12/2024), and is subject to change.
