It is one of the most important types of insurance cover, but one of the most difficult to talk about to clients. We love our children and don’t want to think about the worst happening to them. However, in order to do the best by our children, we often have to confront difficult situations as parents.
When a child is ill the family’s world comes to a halt, sometimes with both parents not working in order to care for the sick child. Unfortunately, the outside world does not come to a standstill, and financial commitments such as mortgage payments still need to be met. What’s more, parents paid on average £2,256 in extra costs when their child is in hospital*, which makes an already difficult time even harder.
With public recourses limited during economic uncertainty, there is often a buffer between treatment that is available and treatment that is accessible through the NHS. This can put parents and doctors in difficult situations if they are unable to give the child the most effective and often life-saving form of treatment. One of the most widely reported examples of this was five-year-old Ashya King, whose parents fled with him to Spain to undergo innovative proton beam therapy instead of going through the prescribed chemotherapy that they feared would leave their son brain damaged. Three years on, Ashya has been cleared of cancer and is just as active as any other little boy.
Children’s Critical Insurance can help your client to access the best healthcare for their child via private healthcare, in addition to knowing that they can meet financial commitments. With this type of insurance gaining popularity, Royal London’s upgrade on their Children’s Critical Insurance could not have come at a better time for the industry.
There are two options for this insurance that can be added onto Royal London Critical Insurance policies: Standard Children’s Critical Illness Cover and Enhanced Critical Illness cover.
Enhanced cover is the most comprehensive option, providing protection from pregnancy through to young adulthood. It also covers children’s terminal illness and pays out if the worst happens and the child dies.
Standard cover is more accessible with lower monthly payments, but it still ensures the client has peace of mind as their child will be covered 45 main conditions from birth until aged 21.
As with all products, it is important that the client fully understands their policy and what illnesses and eventualities it covers. It is also important that they get their policy reviewed frequently to ensure that it is the most effective one available to them.
*Source: It’s not a game: the very real costs of having a premature or sick baby, Bliss.org.uk, 2014.