Child Cover pays a lump sum in the event of various trauma events, as specified in your policy, such as cancer, terminal illness and death.
We put a lot of importance on insuring our own health so that we are protected if we suffer an illness or injury which prevents us from earning an income or caring for our family, however the financial consequences of a child suffering a significant illness or injury are often overlooked. There are not only medical costs, but you’ll also incur loss of income if you need to take time out of work to care for your child.
Child Cover is offered by all of the major life insurance providers for a low cost. When you apply for cover, you choose the benefit amount you’d like.
Once your child reaches a certain age (specific age depends on the insurer), child cover can be converted to an adult policy without any further medical underwriting. This allows your children to obtain a basic Life and Trauma insurance policy.
It is important to discuss your insurance needs with a Financial Adviser. We can tailor a plan based on your unique and individual circumstances. Please feel free to contact us at Next Level Wealth. We are more than happy to assist you.