A client who heard an advertisement on the radio for health insurance, offering half price cover to children contacted me. He asked why the protection industry did not provide similar deals for children on life and serious illness cover policies. Financial brokers are normally reticent to discuss the death or illness of a child – it is every parent’s nightmare.

He was pleased to learn the following benefits are automatic and normally free on all life Term Assurance, Mortgage Protection and Specified Illness Cover plans:

  • Children’s Life Cover – provides free life cover for the policyholders children of between €2,500 and €7,000
  • Guaranteed Insurability – the option to increase the sum insured on the birth or adoption of a child
  • Medical 2nd Opinion Service – The option for a child to obtain a medical 2nd opinion if they receive a diagnosis of a significant medical condition

The following rider benefits will also apply to their children if chosen by the policyholder:

Mostly they are free but an extra charge may apply to some policies

  • Hospital Cash Cover – the Life Company will provide free of charge a cash payment of between €30 and €60 per day children spend in hospital
  • Overseas Treatment Plan – this additional benefit carries an extra charge providing the option of treatment abroad. For children, in the event of diagnosis of a covered condition, the Life Company will pay €30,000 per day for the first 7 days.
  • Children Overseas Surgery [on Serious Illness policies] – If children require overseas surgery, the company will pay out a lump sum of up to €25,000.
  • Children’s Specified Illness Cover – where Specified illness is chosen, the Life Company will provide free cover under the policy for children with payments ranging from €20,000 to €25,000.
  • Children’s Partial Specified Illness Cover – where Specified Illness is chosen, the Life Company will provide free cover under the policy for children with payment ranging from €7,500 to €10,000.

The benefits will be paid as long as children are children and premiums are being paid on the policy. Children are children until age 18 or age 23 if at 3rd Level education.