When most people take out a life insurance policy, the first thing they consider is the situation their dependents would be left in should they fall ill or pass away. What a lot of people don’t think about, however, is whether their children are actually covered by their policies. 

Whilst neither are particularly cheerful topics, for just a moment forget about what your children would do if you fell ill and think about what you would do if they fell ill instead. All Serious/Critical illness cover policies cover kids automatically.

How does cover for my child work? 

Serious/Critical illness cover will typically cover you children from either birth or 30 days old, to 18 or 21 years of age, and will cover them whether they are your children by birth, adoption or marriage. An important thing to consider when shopping for your policy is that health conditions from birth, conditions that pre-date the start of the policy, and hereditary illnesses normally will not be covered. 

Just as it does for adult policy holders, you’ll get paid a cash lump sum if your child is diagnosed with one of the covered illnesses, although it’s worth noting that the payouts for children are typically smaller than the payouts for adults – which makes sense as your children don’t have to pay a mortgage. If you claim against your policy for your child, you can expect 50% of the adult rate, or a maximum of €25,000.

If you’re unlucky enough to fall critically ill after claiming against your policy for your child’s serious/critical, at least there’s one bit of good news: you can still claim for the full amount you’re insured for at a later date. The part of your policy that covers your children has no bearing on your part of the policy, so if life does get truly tough for you and your family, at least your policy is there to help you pick up the pieces and focus on what’s important. 


Why do your children need Serious/Critical illness cover?

You might think that your kids don’t need Serious/Critical illness cover. After all, they don’t have car payments or rent to cover or dependents to care for. But you do. If your child is critically ill, it’s very possible that you or your partner may need to take substantial time off work or perhaps even leave your job in order to care for them. They may need full time care at home, or frequent hospital visits, or even trips across the country or abroad to see specialists. 

Whilst your job may provide you with packages to cover some of your costs, the last thing you want on top of your world being turned upside down by your child’s diagnosis is significant financial strain. Serious/Critical illness cover for your child can help you so you don’t have to worry about money while you’re worried about your little one.

Other benefit’s that may be included:

Children’s Life Cover: Should the unbelievable happen all Life Insurance policies will typically cover you children from either birth or 30 days old, to 18 or 21 years of age, and will cover them whether they are your children by birth, adoption or marriage. Payouts range from €4,000 to €7,000 depending on the insurance company.

Children’s Hospital Cash Cover: This is not covered by all insurance companies. But the companies that do offer it as 25% of the adult rate to a maximum of €60 per day. Some companies also have a stipulation that  the child has to be in hospital for 72 or more before qualifying.

Children’s Over Sea’s Surgery benefit: This is only offered by one company. A maximum benefit of €25,000 is available.

Finding the right policy for you.

Choosing the right policy is vital. Picture this: you buy your insurance policy quickly, wanting to get it over and done with. You get sick, and discover that you didn’t take the necessary care when you bought your insurance, and you don’t get the amount of money you hoped. It’s tough, but you’ll survive. Protecting your whole family is worth spending the extra time finding a policy. 

Luckily, that’s what we specialise in here at Lowcostlifecover.ie . We only recommend policies from insurers we know to be reliable and offer great value cover. Beyond that, it’s a case of matching your individual circumstances to the particular benefits of the policy that suits you best 

Anthony Curran

Anthony Curran

Low Cost Life Cover is an independent broker with agencies with all the major insurers Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I’m Anthony and I have over 25 years experience working in Financial Services. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!