You or your loved ones can be provided with critical illness cover if diagnosed with an illness. Here are some of the benefits that you can expect:
Automatic Cover (for Some Policies)
Your critical illness insurance might automatically cover your child, or it might be an extra feature you need to opt into or include with a change to the policy. No form-filling is necessary if critical illness cover is included. The cover is in place with no further action or changes to the policy.
It is important to review your policy to understand what your cover includes and excludes.
Your policy can help alleviate the financial burden associated with your child’s serious illness. For example, life-saving or accessibility equipment at home.
Both life insurance and critical illness cover these expenses.
However, not all illnesses are eligible. Make sure to check exactly what your policy covers before making a claim.
If your child needs to be admitted to hospital with physical injuries following an accident and is in hospital for a given period (usually for a minimum of 28 consecutive days, but this may vary), your insurance may provide monetary support. Your payout will consider factors such as loss of earnings and travel to and from the hospital. Adding cover for accidents can often be done automatically for you and your child. So, please check your policy.
There may be limits on the number of claims per child or policy depending on the insurer and the nature of the claim.
Like life insurance for children, in the unfortunate event of the death of a child, critical illness cover can help with funeral costs. It can also help with loss of income afterwards. Protecting yourself from a loss of earnings can give some financial peace of mind.