Children’s Life & Serious Illness Cover
Do You Need Life Insurance for Your Child?
Strictly speaking, no.
You see, life insurance exists to replace the income of a breadwinner.
And if your kids are anything like mine, they certainly aren’t winning any bread.
Eating it, yes and slowly bleeding you dry.
Please, Daddy, can I have a new pair of trainers.
Please Daddy, can I have a new phone.
Please Daddy, can I have a PS5
How about you get a job, you bum!
But Daddy, I’m only 12.
Pfff, always with the excuses!
Can You Buy Life Insurance for Your Child?
You can’t buy a separate policy, but when you buy life insurance, cover for your children is included (for free).
The amount of children’s life cover included on your policy varies from insurer to insurer:
Zurich Life: €7,000 per child
Irish Life: €7,000 per child
Aviva: €5000 per child
Royal London: €5,000 per child
New Ireland: €4000 per child
For most insurers, your child’s cover begins at three months old.
Irish Life is the fairest insurer because they cover your child from birth.
Children’s life insurance ends once the child reaches 21, or 25 if in full-time education.
Can You Buy Serious Illness Cover for Your Child?
You can’t buy a separate serious illness policy for a child, but they are covered automatically if you buy serious illness cover.
All the insurers cover your child for the lesser of 50% of your serious illness coverage or €25,000.
Some provide cover-up to the age of 25, while others stop at 21 so be sure to check the small print before you sign up.
Does Having a Baby Affect Your Life Insurance?
If you have recently had a baby, congratulations!
If it was in the last six months, you might be able to adjust your policy without answering any medical questions using the Guaranteed Insurability or Life Event Options.
The what now?
Guaranteed Insurability
You can increase your cover without medical underwriting on the birth or adoption of a child.
The insurer cannot take into account any health issues (pregnancy-related or otherwise) you may have had since you first took out your policy.
More details in this blog on guaranteed insurability.
What Other Child-Related Benefits are Available?
Medical 2nd Opinion Service
God forbid, if your child is diagnosed with a serious illness, you can obtain a second medical opinion from the world’s leading medical professionals.
Aviva’s Best Doctors v Royal London’s Helping Hand
Hospital Cash Cover
If you have hospital cash cover on your policy, your child gets free cover of between €30-€60 per day.
Overseas Treatment Plan (exclusive to Zurich Life)
If the treatment your child requires is not available here, Zurich will provide a lump sum of €25,000 to cover the cost.
Over to you…
The above are important benefits, so if you have any questions, please get in touch.
I promise I won’t cry…much
Nick McGowan
lion.ie | making life insurance easier.
