Child cover insurance helps you care for your family when they need it the most without the burden of financial stress.
What does it do?
Child cover is designed to payout a lump sum in the event that your child was to suffer one of the listed serious illnesses or death. It is an incredibly emotional time going through this with your child, so Child Cover enables you to have the financial support to spend as much time as you need with them.
What is the Benefit?
The benefit is a lump sum payment that you have elected, with your child as the life insured. Should a claim be made, any payments would be paid to the policy owner.
How much Child Insurance do I need?
The basic idea for these policies is for you to pay the medical treatment costs and allow for your family to have the time off with your child during recovery. You and your family can discuss this with your adviser who through experience can help you work out the required benefit.
How does the policy work?
The basic idea of child cover, is to provide a lump sum benefit payment to the policy owner should the insured child suffer one of the listed severe illnesses or death.
Where to from here?
Following discussions with your adviser, they will make written recommendations outlining the policy's and sum insured that will meet your current circumstances. Again care must be taken to understand the policies definitions. From there, a personal medical statement is normally all that is required to have the application process started, however, sometimes depending on medical history of the life to be insured, blood tests or a a medical appointment may be required. From there, your adviser will liaise with you through to the insurer issuing your policy documents.
What happens if a claim is made?
In the event a claim is made, your adviser will try and make the process as simple as possible for you. Claim forms will need to be completed, identification documents, medical records and doctor’s report will need to be obtained and your adviser will help with this and liaise with the insurer. The insurer has a dedicated claims team, and a claims assessor will be allocated to help you through this process.