MLC Child Critical Illness insurance provides a lump sum payment of up to $200,000 in the event your child suffers a serious illness. Such a payment can ensure you don't endure any financial stress while you focus on getting your child better. In conjunction with this policy, MLC Best Doctors cover connects seriously ill children to leading specialists to provide a second opinion on your child's condition.
This review will provide an overview of what the policy does and doesn't cover.
What does the MLC Child Critical Illness Insurance cover?
- Lump sum benefit. MLC Child Critical Illness Insurance pays a lump sum benefit when an insured child suffers a serious illness. You can choose an insured benefit amount of between $10,000 and $200,000 per child, with the benefit amount designed to lessen the financial burden that a critical illness places on your family. The lump sum benefit is also paid if your child dies.
- Covered conditions. MLC Child Critical Illness Insurance covers more than 25 serious illnesses, including bacterial meningitis, chronic kidney failure, stroke, heart attack, coma, malignant cancer and paralysis.
- Available to parents and guardians. Offered outside super only, MLC Child Critical Illness Insurance is available to parents and guardians who hold MLC Life Cover, Total and Permanent Disability, Critical Illness, Income Protection or Business Expenses insurance.
- Best Doctors. Adding Child Critical Illness Insurance to your MLC policy allows you to access Best Doctors, a service which connects seriously ill people with leading medical specialists to receive a second opinion about your child’s diagnosis and how they are treated.
- Financial Planning Benefit. MLC will reimburse up to $5,000 of a qualified financial adviser’s fees if you receive a lump sum benefit of $100,000 or more. This allows you to get expert advice on how to use the insurance proceeds to look after your family’s future.
Additional cover to consider
- Premium waiver insurance. If you become retrenched or you suffer a total and permanent disability, your MLC insurance premiums can be waived if you select this option. If you suffer disability, premiums are waived for the period of disability up to the age of 65, while premiums can be waived for up to 12 months if you are retrenched.
When will a benefit be paid?
If you need to make a claim on your MLC Child Critical Illness Insurance, it’s important to notify the insurer of this as soon as possible, but preferably within 30 days of any event giving rise to a claim. You or your legal representative must contact MLC; you will then be told what the claims process involves and what you need to do next.
You will need to provide full details of your claim and also provide any supporting documentation requested by the insurer. Your child may also need to undergo a medical examination by a specialist appointed by MLC.
Who is eligible for MLC Child Critical Illness?
In order to take out MLC Child Critical Illness Insurance you will need to hold MLC Life Cover, Total and Permanent Disability, Critical Illness, Income Protection or Business Expenses insurance. You will also need to be the parent or guardian of a child aged between three and 18 years. Cover expires on the policy anniversary following the insured child’s 21st birthday.
You can apply for between $10,000 and $200,000 cover for each child, with cover available for up to five children.
Be aware of some important exclusions
You won’t receive a benefit if the insured child’s death or critical illness arises due to:
- The child’s intentional self-inflicted injury or suicide
- Sickness or injury that first appeared, happened or was diagnosed before cover started or was last reinstated
- An injury maliciously inflicted on the child with the purpose of obtaining financial gain from the insurance policy
Other things to know about your policy
- Critical condition. The definition of a critical condition is detailed in the PDS. An appropriate specialist and MLC’s medical adviser will need to agree that the definition for your child’s condition has been fully met in order for a benefit to be paid.
- Qualifying periods. Some critical conditions are only covered after a period of time known as a qualifying period. This means that no cover applies for those conditions when they first appear, happen or are diagnosed within that fixed period after the insurance starts or is reinstated. A three-month qualifying period applies to heart attack, heart valve surgery, malignant cancer and stroke.
- Converting to an adult policy. This insured child has the freedom to convert their Child Critical Illness Insurance cover to an equivalent adult Life Cover insurance and Critical Illness insurance (extension to Life Cover) for the same sum insured. There is no need to supply any medical evidence if the child applies any time after the policy review date following their 18th birthday and before the review date that precedes their 21st birthday.
- Premium payments. MLC Life Insurance premium payments can be made monthly, half-yearly or yearly.
- Cover ends. Child Critical Illness Insurance cover ends when:
- You cancel the policy
- You receive the full Child Critical Illness Insurance benefit for the insured child
- The cover is converted to an adult policy
- You have no other insurance on the policy
- The termination date for the policy occurs
- Your premiums aren’t paid
- You make a fraudulent claim
- The child passes away
