Children’s Critical Illness Cover – Is It Worth It?
Two weeks ago, my three year old done came down with chicken pox. Having already been through it with our first child we were ready for a few sleepless nights, the salt baths and Calpol at the ready.
What we weren’t prepared for was the viral illness combining with his eczema, leading to a swelling of the face and almost forcing the poor little man’s eyes shut. It was a horrible feeling having to spend almost two days in and out of hospital while they checked him over and having to administer different medications to him with follow up appointments with an eye specialist.
Thankfully, after a few days, the medications kicked in and he was back to his normal cheeky-chappy self in no time.
It’s a horrible thing when our children get ill. As parents we would do anything to remove the illness from them and take it upon ourselves to ensure they are pain free, and whilst in most cases Calpol or Ibuprofen becomes our saviour, sadly there are instances where we can’t do anything other than leave them in the hands of specialist care in the hope that they will get better.
When a child becomes critically ill, the financial impact on a household can often be overlooked; quite understandable because of the parents desire for their child to get better. Costs such as funding specialist care, taking time off work, or even transport costs to and from hospitals can quickly mount up, putting additional strain on at what is inevitably going to be a very difficult time of life.
In the insurance world, the harsh reality is that Children’s Cover is one of the ‘Top 5’ reasons for all Critical Illness claims.
Many insurers understand the financial strain this can place on families, and so provision for it within their Critical Illness contracts. If you as the parent take out Critical Illness cover, most will have a free benefit which will cover your children for up to £25,000 if they diagnosed with a serious illness – even if they are of a congenital or familial nature. In most instances, if you don’t have children when you take out your Critical Illness Cover, and then go on to have them, they will often be covered at no additional cost.
This is to enable the household to function financially with as much minimal disruption as possible, allowing them to focus on their family.
The general public view is that insurance companies are the big ogre. The reality is that they’re not. Additional benefits like Children’s Critical Illness cover are there to enhance customers protection, giving them financial relief when they need it most.
Year after year claim statistics disprove the view of insurers being the ‘big bad wolf’ with the majority of claims being approved.
To find out more, visit our website or to discuss your need for insurance, call us on 0800 988 3637.
Paul Reed – Protection Specialist and Co-founder of Vita – an independent, national award winning, insurance brokerage in Cardiff.