Taking out life insurance and Critical Illness cover for yourself is so important. When you start to expand your family, it can be a huge weight off your mind to protect them too. Many insurance providers will include your children if you take out a Critical Illness policy. It’s important to check whether this is automatically included or if you need to opt in.
In some cases, it can include children you have in the future, as well as any natural, legally adopted or stepchildren you currently have.
If you take out a Critical Illness policy or life insurance with Critical Illness, your children can be included. There are usually separate terms to be aware of. In most cases, your children will be covered from birth up to the age of 21.
You are typically only able to claim once per child, and the pay-out is also likely to be a lesser amount, usually around 50% of your amount of cover up to a set figure such as £25,000. It doesn’t usually affect your own cover.
There can be waiting periods and exclusions, so it’s important to check with your provider before taking out a policy.
The critical illnesses covered in your policy can vary between providers. There are some conditions that can be found under most cover. This includes cerebral palsy, cystic fibrosis, Down’s syndrome and spina bifida.
Depending on the provider you choose, there could be some additional benefits with your children’s Critical Illness cover. In some cases, you may be able to include terminal illness, death or pregnancy complications.
Your cover might also include hospitalisation due to an accident. This can include a pay-out if your child is admitted with physical injuries following an accident. Each provider may have a different definition of physical injury.
Children’s Critical Illness cover may also include funeral benefit. It’s an awful thought, but this type of contribution could be a lifeline at such a difficult time.
In some cases, if you were to be diagnosed with a critical illness, you could use the pay-out to help with childcare while you recover.
Some insurance providers can include support services as part of your cover. This could mean having access to specialist nurses, counselling or even practical help at home.
It’s important to look into what your provider can offer. Unfortunately, you never know what’s around the corner, and these additional services could be a huge help.
** Premiums and payout based on a healthy non-smoker who is an office worker and doesn't have a hazardous lifestyle up to the age of 65. The premium shown is based on Aviva's Income Protection + Plan and is subject to a full underwriting process. Prices are correct as of January 2022.
This calculator is for informative purposes only and is not to be taken as financial advice, for accurate financial advice please consult with an advisor from Caspian Insurance.