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Critical Illness Cover fro children
Traditionally there has been little thought given to easing the financial suffering of those families who’s children suffer from a critical/serious illness. However in recent years many insurance providers, such as PurProtect, have now started to offer automatic life and critical illness insurance for children.
PruProtects serious illness cover plan offers automatic cover for children as an additional benefit to their serious illness insurance. This insurance plan will automatically cover each child for £25,000, however this can be further increased with the Optional Serious Illness cover plan for children. Under this insurance plan the policy holder can receive up to £100,000 extra cover for each named child. This cover can be provided for children between the ages of 3 months and 19 years and can be selected through either the Primary or Comprehensive level of Serious Illness cover for Children. Like their normal serious illness cover, policy holders will receive a payout based on the severity if their child has one of the illnesses covered.
The minimum sum assured under PruProtects plan is £10,000 and the maximum sum is £500,000 in addition to the total cost of serious illness cover.
Even with dramatic changes in medical technology and screening processes the number of children being diagnosed with cancer has remained unchanged over the last 40 years and still has a huge impact on the surrounding family. Unlike traditional critical illness cover where the amount families can claim is normally a percentage of the policy holders cover, up to a certain limit; this limit can differ between providers. PruProtects serious illness cover for children pays out the full amount based on severity payments. The cover normally applies to those between the ages of 30 days and 18 years and all claims are assessed on a simpler version of the adult criteria. In addition to this making a claim on your policy for a child’s critical illness should not affect your cover or cause the policy to terminate.
With PruProtects serious illness cover option for children, parents or guardians will be able to cover:
• Medical costs
• Nursing care
• Allowing parents time off work
The crucial point here is that having serious illness cover for your child will allow you, financially, to take time of work. PruProtects Serious illness cover option within an adult policy can be a huge advantage for families, with the additional benefit, that, as with most UK policies it comes at no extra cost.
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