As a parent this is something you never want to think about, but unfortunately this is a reality for some families.
Often one parent must give up working when a child contracts a serious illness or suffers a traumatic event to provide care for them. Moving to one salary for a period of time can sometimes have a massive impact on household finances. This is where child cover can assist.
Child cover (otherwise known as child trauma insurance) offers a range of benefits that will enable you to claim a lump sum amount if your child passes away or suffers a condition such as cancer, serious injuries such as head trauma, loss of limbs, meningitis and more^1.
The lump sum payment may be put towards a number of things such as overseas treatment, helping pay off the mortgage or school fees, home nursing, funeral expenses and more. Some insurers pay a monthly benefit for a specified period instead of a lump sum.
There are many policies in the market and they may offer child cover together with an adult life policy or separately. Child cover can help ease the pressure during an emotional time and allows you to focus on your family when it’s needed most.
Note: Each policy in the market may be different and may cover different things. Always check the fine print of what is covered before signing up to a policy. ↩