Children’s Critical Illness Cover

by | Friday 9th Dec 2022 | Mortgage Insights

Children's critical illness cover is essential for any young family

Children’s critical illness cover is essential for any young family (Source: Aviva)

Are you financially resilient? How would you cope, financially, should your child become ill? We often have the conversation with our clients with regards to making sure they are financially secure if the worst happened. This conversation could include making sure there is money available to them should they be diagnosed with a serious illness, be unable to work, or should their partner pass away. But one thing that has impacted several of our clients, family members and friends too, is coping when a child is seriously ill, has had an accident or sadly passes away. Children’s critical illness cover is one of the most important types of insurance for a family.

Critical Illness Cover

For many clients, they would need to potentially take time off work while they attend hospital appointments and care for their child and will quickly erode and savings they had built up. Of course, we encourage clients to have an emergency funds available, but you cannot cover every possibility.

It is always best to ensure that there is other money available to protect yourself and your family against this. Especially because no one ever knows the long term impact or cost that this can cause. Most people do not wish to spend their hard earned savings on bills or financial emergencies, and most of the time the funds available wouldn’t be enough to relieve the financial pressures at that time.

For our clients that have children, or plan to have children in the future, we will always talk to them about their options with regards to having financial protection in place. Some providers offer critical illness cover for children. With some it is included as part of their policy, others have it as an optional extra that you can choose to pay for if you wish.

There is also the option to get ‘upgraded’ critical illness cover for children – which includes cover for many more illnesses and life events.

These things make all the difference when needed. From payments covering accidents, organ conditions, serious illnesses, pregnancy complications or in the worst case scenario funeral costs. Having money available can relieve financial pressure when the worst happens, and allows you to focus on you and your family.

Different Types Of Cover

All of the providers offer different types of cover, with different definitions of illnesses and terms. It can be extremely hard to compare the policies but we have access to all the finer details and a computer system that can compare the policies and lenders directly. To ensure you know what you are paying for and can secure the best terms and conditions possible. This is what we as financial advisors do.

We are advisors that specialise in making sure clients have financial resilience to deal with whatever life may throw at them. We can navigate the finer details of the policies, compare the lenders and types of policy to ensure clients don’t pay for something they do not need, or isn’t applicable for them. We can make sure that they do benefit from the additional perks available, and that can make all the difference when needed.

For anyone interested in looking at insurances, we will explain everything fully and advise in line with a person’s / couple’s / family’s specific needs. Quality insurance advice, without jargon or over complicating things.

Let us make sure you are in a strong financial position and can look after your family when the worst happens. If you need to discuss a new insurance policy or think you might need to look at your existing policies, please give our expert insurance team a call today. We are here to help.

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