These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
Key takeaways
You could consider adding cover for your child to an existing life insurance policy to help protect against the financial burden of a serious illness or injury.
While a limited number of providers offer this specific cover, some comprehensive policies allow for critical illness limits of up to $200,000 per child.
Child life insurance is designed to help ease financial stress by covering medical costs, allowing parents to take time off work, or assisting with funeral expenses.
Taking out life insurance for your children is a financial safeguard for you and your family if they were to experience an injury or illness. A convenient feature of generic life insurance policies (that you take out for yourself) is the option to add children to your policy. Read on to see how it works and which policies cover children as well as adults.
Is children’s life insurance essential for your family?
It's understandable if discussing life insurance for your children is uncomfortable. However, there are a few reasons why it is never a bad idea to purchase life insurance for your children.
Children cover can be added on to your cover. Not all providers offer this benefit. We looked at 16 policies and found just 4 give you the option of adding children to your policy.
Reduces financial burdens incurred by sickness or accidents. It might be a depressing thought, but being sick and getting involved in an accident is a probability in life. It could happen to anyone and no one is exempt, not even your children. This could mean extra medical care and purchasing medical equipment needed for rehabilitation - a financial burden can be relieved if your child is properly covered.
Replaces lost income. When your child’s sickness becomes longer than you expected and your presence is called for, there is also the possibility that you or your spouse will take a leave of absence from work for an indefinite period of time if both of you are working. No work, as everybody is aware of, generally means no income. Having children’s life insurance cover the added medical expenses will ease you of your fears how to sustain your daily expenses.
Takes care of the final expenses. Death is scary but is also a reality of life. The death of your child can cause you great emotional and financial stress. It might be difficult to deal with the loss emotionally, but there is something you can do about it financially. Dealing with half of the problem is a big help – a priceless one that you cannot ignore.
With the rising costs on every commodity, funeral expenses are also always on the rise - If you are not prepared for it, you might find yourself being in debt by just burying your child.
Can be used as collateral when your child takes out a mortgage. Some life insurance policies can be used as collateral when you want to secure a loan. This can be helpful to your children in the future when they are applying for a loan.
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How we picked these
Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
*Conditions apply. Check the policy disclosure statement (PDS) before purchasing cover.
How to purchase life insurance for your children
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.
So how long does the policy last?
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.
Speak to a trusted advisor to find a policy best suited to your family's needs
Frequently asked questions
Child life insurance generally covers a range of serious health events. This can include specific critical illnesses, such as cancer or major organ disease, certain serious injuries, and, in the tragic event of death. The exact conditions and events covered will vary between policies and insurers, so always check the Product Disclosure Statement for full details.
Yes, most insurers require a child to be at least 2 years old to be added to a life insurance policy. Children's cover is typically available up to the age of 17, with the policy expiring when they turn 21.
In most cases, the policyholder, usually a parent or legal guardian, is the beneficiary of a child's life insurance policy. This means the payout would go to the policyholder to help cover financial burdens resulting from the child's illness, injury, or death.
Generally, premiums paid for life insurance, including child life insurance, are not tax deductible in Australia. However, it is always best to seek advice from a qualified financial advisor or tax professional regarding your specific circumstances.
Converting a child's policy to an adult one often allows your child to secure full life insurance cover without needing to undergo new medical assessments. This means any health conditions developed during childhood would not impact their ability to get cover or the cost of their premiums as an adult, which can be a significant financial advantage.
Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.
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James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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