childrens critical illness cover is essential

Why children’s critical illness cover is essential 

A feature by Paul Roberts Head of protection at Old Mutual Wealth (Quilter) for Cover Magazine 30th July 2018.

Children’s critical illness cover IS essential

Coping financially

While, a lump sum of cash will do nothing to abate the fear a parent will feel for their child’s well-being, it can at least solve the myriad of financial issues that can pop up in the event of a critical illness.

Office of National Statistics data released last week shows that UK households have seen their outgoings surpass their income for the first time in nearly 30 years. Considering UK families have so little space to breathe financially, even just the costs that rack up from parking at the hospital can bring financial difficulties.

Add the prospect of not being able to earn a monthly salary to this or the potential costs associated with any additional care and specialist equipment, and you can easily imagine parents struggling to cope both financially and mentally in this situation.

Most parents, regardless of how much stress and strain they are under, will walk to the ends of the earth to make sure their child recovers, and in some cases they may quite literally have to go to another part of the world to get their child the necessary treatment.

The UK has some of the best healthcare in the world but that does not necessarily mean that other countries are not also using innovative treatments that might just be a child’s ticket to recovery. If a doctor believes that a treatment abroad is the best bet, cost should never come into a parent’s mind when weighing up their options. Therefore, a policy which recognises the potentially higher costs associated with this and helps to cover them is vital.

Not just money

The most obvious reason why any one takes out a critical illness policy is to help them manage financially. Even though this is naturally the central reason for taking out a policy, there are plenty of things other than money which can help alleviate some of the stress of the situation and ultimately aid recovery.

This can range from mental health consultations with trained nurses, the ability to get a second opinion or simply help understanding how best to care for a particular illness. Many people find this kind of support to be priceless. Money may help to keep the world spinning but other forms of care can equally make the ride much more bearable. A critical illness policy should be there for someone in a financial sense but also a personal one.

In the first few years after having a child most parents can barely string a sentence together, let alone remember to add their new child to their policy. Therefore, the best products don’t require this; instead they naturally cover any new child. This means that if the worst happens and someone’s child falls ill they can feel safe that they have cover in a comprehensive product.

Similarly, children’s cover doesn’t even need to stop after a claim. Some policies have a cover re-instatement option, which means that children can be covered again, a year after a claim, up until they become an adult.

A further benefit that only a few policies out there offer is that once the child has at least grown up in the eyes of the provider, they can get their own first time cover without the need for underwriting.” Paul Roberts

Interested in related stories?

Next steps

Whilst you are welcome to get a quote on-line we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An on-line quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

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