Children’s Critical Illness Cover – Why do you need it?

Children’s Critical Illness Cover – Why do you need it?

Critical illness cover is a form of insurance that is designed to pay out tax-free lump sum in the event you are diagnosed with a specific illness or medical condition. In most circumstances you initially think of an adult that would need such cover which usually happens when they take out life insurance. However, it is becoming more likely that a child will need critical illness cover or at least a parent may claim on their policy.

As a parent you will have those days where you get a call from nursery asking to pick up your child as they have a temperature or sickness, with them not allowed to return for 48 hours, or have to call work to explain you can’t come in as your child is unwell so it will be a day working from home. What if your child’s sickness meant you had to take a year off work unpaid, to care for them? What would you do financially in that situation?

It’s not that uncommon, with one in five parents taking over 12 months unpaid leave to care for their child during cancer treatment (source: Aviva, 2017). Families are now in a position where they need to understand the financial implications if that scenario were to happen to them.

As a parent if you take out critical illness cover with or without your life insurance cover you should check what is available with the cover under the children’s critical illness benefit. In most cases the cover will be up to £25,000 if they are diagnosed with a serious illness. At Arc Protect, we have insurers which offer this amount and those which have upgraded benefits where the cover amount is increased.

The cover amount is to potentially enable the household to function financially should the worst happen, which could help with taking time off work, specialist care and transport costs to and from hospitals.

Always speak to a financial adviser to ensure you have a suitable amount of cover for your family’s needs.

To find out more or to discuss your insurance needs, call 0330 052 4871 or click to arrange a call back.

This should not be interpreted as advice and you should always seek financial advice.

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ARC Protect is a team of approachable and friendly financial advisors with over 100 years of collective experience behind us.

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