Insurance plans for children

These three insurance plans for children help you protect what’s most precious.

Life insurance for a child as a saving plan

One common way to protect your family with insurance is to get coverage specifically for your child, and not just for yourself and your spouse. Simply because it is a highly beneficial financial planning tool that can be used to invest in college costs, lock in low premiums for your child, and safeguard your child’s insurability. This gives the insured child lifelong insurance protection in addition to a head start on their financial objectives and savings, should they choose to access the cash value.

The obvious advantage of having a policy for a child is that it can help alleviate any costs associated with the unfortunate event through the death benefit. This can include funeral expenses, taking time to grieve, or private counseling.

However, there are some common cons:

• It offers a lower rate of return compared to other investment options.
• It’s a long-term commitment and if one lapses on payments, many of the benefits will be in jeopardy.

Accidental fracture insurance

This insurance policy provides coverage up to $10,000 in case of an accidental fracture:

• 24/7
• around the world wherever you travel
• no matter where your child is: at school, at home or at play

You can receive up to $10,000 in the event of an accidental fracture. Benefits are payable in addition to any other insurance you may have with another insurer or government plan.

Critical illness insurance for children

Too many family lives are shattered after their child is diagnosed with a critical illness. During this difficult time, insurance gives you the financial flexibility to be by your child’s side during a hospital stay, consult the best specialists or get treatment abroad.

It’s designed for children from 30 days to 15 years of age and has the following main features:

• Available sum insured: from $10,000 to $50,000
• Covers 37 critical illnesses, including many specific to childhood
• Fixed premium guaranteed up until 75 years of age
• Sum paid directly to parents
• Instantly issued on the Web with a representative

Compassionate Leave Benefit: If your child were sick, you would choose to stay by their side to reassure and support. With the Compassionate Leave Benefit you will receive a $1,500 monthly benefit for a period of 12 months when you take a leave of absence from your full time employment. It’s another way the insurance reduces financial stress allowing you to focus on your child’s recovery.

Best Doctors Assistance Program: Critical illness insurance provides free-of-charge access to the integrated services of BestDoctors, a company recognized worldwide, in the event of a health problem.

In the case of a serious illness, you can count on the financial resources to help your child recover quickly. Should your child remain healthy, it provides a foundation of coverage into adulthood or acts as a savings vehicle providing premium refunds at later times.