When people talk about life insurance, they generally talk about insuring only adults, or those with considerable assets. However, many of us do not consider getting insurance coverage for our children. Many say that it is the parents who should be responsible for securing their children's future, so a separate cover won't be important. But the truth is that insurance can do more than help secure your loved ones' future when you get sick or die. You can also use it to help secure your children's future should something happen to them.
The great thing about getting Child Cover is that it may be added to your policy at no extra cost. So if your insurer of choice offers that for free, you should immediately grab the opportunity. Or even if they don't, you should consider getting it anyway.
Here are some things you need to know about Child Cover:
1. The money from the insurance has many uses.
We mentioned earlier that most parents only think of insurance as money their loved ones can use for their daily expenses. But it goes beyond that too. For example, the lump sum payment from the insurance can help pay for your child's medical expenses should he or she suffer from a serious illness or injury. What's more, the money can be used for other future expenses, such as for the child's rehabilitation and modifications to your home if your child suffers from disablement.
2. Child Cover helps protect your savings.
As with other types of life insurance, the Child Cover can help keep your savings safe in case of an emergency. So if your child needs to be hospitalised for an extended period, your insurance policy could take care of the expenses, and you wouldn't need to dip into your savings.
3. You can cover as many children as you wish.
If you have several children, you could take out coverage for all of them. In other words, you can provide individual coverage for each of your child, thus giving them better protection from any kind of emergency.
Cover Your Child Today!
Here at Rate Detective, our consultants are ready to help you find Child Cover to protect your most important asset. They will provide you with rate comparisons from up to 12 Australian insurance companies. Contact us today for more details!