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Most people, when asked about what the most important thing in their lives is, will answer without any hesitation that their family holds the top spot in their hearts. In the heart of this, the well-being and future of the children is top priority.
Contrary to the morbid pictures critics of children’s life insurance paint, life insurance is not just about death and sickness. It is also about the future and preparing for it. It is about getting ready for unexpected expenses brought about by major changes in your life.
A convenient feature life insurance (that you take out for yourself) is the option to add children to the policy. This ensures every family member is protected should something unfortunate happen.
It's understandable if discussing life insurance for your children leaves a bad taste to your mouth. However, there are a few reasons why it is never a bad idea to purchase life insurance for your children.
Compare children life insurance options with an adviser
Brand | What's the benefit called? | Child cover amount* | Entry age for children |
---|---|---|---|
AMP | Children's Trauma Option | Between $10,000 and $200,000(Up to 5 children) | 3-16 (Expires at age 21) |
AIA | Family Protection | $200,000. | 2-15 (Expires before the age of 21) |
BT | Children's Benefit | $200,000 | 2–14 |
Clearview | Child Cover | $10,000$200,000 | 2-18 (Expires at age 21) |
CommInsure | Child Cover | $250,000 | 2-16 |
Macquarie | Child Trauma Insurance | $10,000-$250,000 | 2 – 14 (Expires at age 21) |
Metlife | Childcare Option | $50,000 | 1-16 |
MLC | Child Critical Illness insurance | $10,000-$200,000 | 3-18 (Expires at age 21) |
Onepath | Child Cover | $200,000 | 2-15 |
Real | Children's Insurance Option | $20,000-$50,000 | 2-17 |
Westpac | Children's Benefit | $200,000 | 2-14 |
Zurich | Insured Child Option | $10,000-$500,000 | 2-17 |
Virgin Money | Kids Injury Cover | $1,000-$50,000 | Not stated but expires at age 18 |
*Conditions apply. Check the policy disclosure statement before purchasing cover.
Children’s life insurance is basically to cover your child for sickness and accidents. Most insurance providers offer child insurance as an additional feature when you get your own life insurance.
Getting life insurance for your kids is easier because most insurance providers do not require medical or blood tests. Moreover, children’s life insurance is much cheaper than adult insurance because of the fact that kids have longer life expectancy. Children eligible for this type of insurance are between the ages of 2 and 17 and a citizen of Australia.
Children’s life insurance benefits automatically expire when your child turns 21. However, an option to convert this into an adult life insurance policy is given by most insurance providers when your child reaches a certain age which is usually at 18 years old.
Children’s life insurance is never a liability even if your reason for getting it brings gloomy images to mind. However, there is no such thing as gloomy when you think of the future in all its reality. Furthermore, there is no such thing as delay when it comes to your children and their future.
An adviser can help you find cover from trusted life insurance brands.
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