Compare leading life insurance providers

Compare leading life insurance providers
- Compare the whole market
- Cheaper than buying direct
- Optional critical illness cover
No parent wants to even consider the possibility that a child in their family could fall ill or die. However, if you found yourself in this situation, you’d want to be able to get the best possible care for your child, or take some time off to heal. Life insurance for children can help with that.
Child life insurance pays out if your child dies or is diagnosed with a serious illness. This can help pay for specialist treatment or support you financially while you take time off work.
It can also help pay for funeral costs should the worst happen.
If your child falls ill with a serious condition, it is likely you would want to take time off work to look after them. Child life insurance can help provide an alternative income while you do this. It can also pay for medical treatment not covered by the NHS, if there’s an alternative available.
If your child dies, their life insurance can help pay for the funeral and give you some financial breathing space as you take time to grieve.
No, usually parents take out life insurance for themselves and add their children to that. You can find separate life insurance policies for children, but this might be a more expensive route to take.
The cover will vary by provider, but life insurance for children usually pays out a lump sum in case your child dies from an illness or as a result of an accident.
Some policies offer critical illness cover, where payment is made in case your child is diagnosed with a serious illness.
This varies by provider and cover level, but some insurers may restrict the age of children who can be covered.
Existing medical conditions and death by suicide might also be excluded.
Yes, this is what most parents choose to do. Depending on your child’s age, this might not add much to your premiums.
This depends on the provider and your personal circumstances.
Elements that affect the cost of life insurance include:
Depending on your child’s age, adding them to your existing life insurance policy may not make it much more expensive, if at all. Some providers also offer free life insurance for parents of children under a certain age.
This is your decision, but it’s worth considering. One thing to think about is whether you could afford to take time off work if something happens to your child and whether you could pay for extra treatment if needed.
If the insurance premiums is very low, it could be worth it. Otherwise, you might want to consider alternative options.
As your child is unlikely to have any debts, the insurance payment in case they die is really for the parent. This can be helpful if you want to take time off work to deal with what’s happened.
Depending on how much life insurance for your child costs, you might be better off putting this money into a savings account and using that if you need to.
For critical illness cover, you can get private health insurance for your child, though this might not pay out enough to replace your income if you decide to take time off work to care for your child while they’re ill.
The best thing to do is get prices for both life and health insurance for your child and compare this with the option of simply putting the money away in a savings account every month.
Note that, if you simply want your child to be looked after if anything happens to you, getting life insurance for yourself should take care of that. You can also take out a family income benefit, which helps your family with their monthly outgoings, like rent and groceries, if you die.
The best way to do this is to consider your child’s age and whether they are prone to any particular illness.
If you have your own existing life insurance policy, look at whether you can add your child to that and how much it would cost in the first instance.
For older children, term life insurance might be more suitable.
If you can afford to get life assurance for your child, this can provide them with cover for the rest of their life. It’s expensive though, which is why not many choose to take this type of cover out.
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