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.
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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.
| Brand | What's the benefit called? | Child cover amount* | Claimable events |
|---|---|---|---|
| Kogan | Children's Insurance | $20,000 - $50,000 | 14 |
| RACQ | Children's Trauma | $15,000 - $50,000 | 7 |
| Real | Children's Insurance | $20,000 - $50,000 | 15 |
| TAL | Child's Critical Illness | $10,000 - $200,000 | 21 |
*Conditions apply. Check the policy disclosure statement (PDS) 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.
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