If you are one of the13% of people in the UK* who have taken out critical illness cover to protect themselves against losing their income through ill-health, you are probably aware of the hidden benefits to your children, contained in your policy.
If you are one of the 87% of people who have not taken out critical illness insurance, however – then read on.
Most insurers, including Aviva, Friends Provident and Prudential, now include critical illness insurance cover in your policy that covers your children as well, at no extra charge to you.
“Most policies include £20 – £25,000 of critical illness cover for any number of children, and cover them for the same illnesses as their parents,” said Assumpta Breslin, Insurance Adviser at Principle First.
“This means that all your children are covered, until they turn 18 or until the end of your critical illness policy, which ever is the sooner, against the diseases and conditions that are covered for you as policy holder.”
While children are much less likely to suffer a critical illness than we old crocks who are relatively advanced in years, critical illness claims for children do account for 2% of claims overall**.
Zurich Insurance has this month reminded us that there are nonetheless a sizeable number of unfortunate instances of critical illness among minors.
In 2006, for example, 1,400 children under the age of 14 were diagnosed with cancer and, of course, while heart disease or stroke are conditions that are relatively rare amongst children, leukaemia is more common, and that too is covered by most critical illness policies.
Aviva research states that of all children’s claims on critical illness policies, three-quarters relate to cancers, 10% to brain tumours, and 4% to strokes.
Other conditions more readily associated with children’s health, which would typically be covered by most critical illness policies, are bacterial meningitis, multiple sclerosis, and accident-related incidences such as loss of limb, loss of speech, loss of sight, and third degree burns.
In the UK, 1 in 4 men and 1 in 5 women will be forced to give up work due to critical illness, before they reach retirement age. For adults, critical illness is a real danger, and not just among the elderly. Legal and General points out that the average age for a claim on its critical illness policies is 45, and that 70% of claimants would be under 50.
Click here to enquire about critical illness cover
*Source: Aviva **Source: AXA
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