Should I Take Out Children's Trauma Insurance?
A lot of financial advisers say that you are crazy to consider taking out insurance policies on your children
. The assumption is that if they don't earn an income, their wellbeing isn't worth insuring. However, if you close your eyes and place yourself in a situation where one of your children has been seriously hurt or become very ill ... then consider the financial ramifications ... you'll understand why children's trauma insurance can be one of the wisest policies you undertake. Today we explore who should have a children's trauma insurance policy.Why does ANYONE need children's trauma insurance?
People take out children's trauma insurance policies because, if their child became seriously ill or was injured, the time taken to care for them would prevent them earning an income. They also take out policies to cover additional medical expenses not covered by Medicare, and for rehabilitation. Your child doesn't need to be financially contributing to the household for their sickness to have an effect on the finances.
Are you a single parent?
Children's trauma insurance is obviously more important for single parents. In a dual-parent situation, it is possible (though obviously not ideal) for one parent to keep working while the other stays with the child. The duty could also be rotated. Single parents may need children's trauma insurance because this luxury isn't available to them.
How many children do you have?
Some policies require you to take out separate cover for each child, which can be expensive. Some policies cover your children as a group - up to 5 children may be covered under one policy.
Would you take out life, trauma or income protection insurance on yourself?
Most children's trauma plans are only available as an additional option on an adult plan.
Remember...
There are different entry and exit ages for different children's trauma insurance options and plans. Entry may start at age 2, 3 or 4, exit may be at age 16, 18 or 21.
Cover is quite minimal compared to adult trauma insurance, TPD and life insurance policies, usually up to around $200,000 at a maximum.
There are qualifying periods for some conditions (for example, organ transplant and aplastic anaemia) - you may have to wait 90 days to make a claim.
Children's trauma insurance is often overlooked, but very valuable for some families.
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