Depending on the insurance provider, child cover may provide a lump sum payment if the insured child dies, becomes terminally ill or is diagnosed with one of the specified Child Critical Illness Events such as Cancer and Severe Burns.
How much does it cost?
From $5 a month for $50,000 (13/10/2022). You can increase or reduce this amount up to a certain limit.
Up to you, however generally used for medical expenses or taking time off work to be with your child.
How can I get it?
Most major insurers offer this, attached to your existing life insurance cover (meaning you may be required to purchase life cover in addition to this if you don’t have some already). If you have an existing insurance broker, financial adviser/planner, ask them for a quote. Alternatively I would be happy to quote you on this.
Is it subject to underwriting?
No, not from my experience with the insurance providers I’ve been working with.
What are some restrictions?
Some providers have a minimum age of 2 and a maximum age of cover. Each specific condition of cover could be different depending on the insurer and requires a degree of severity to make a successful claim. There may be waiting periods as well.
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