Zurich Child Cover

Get financial support should the unforeseen happen to your children with Zurich Child Cover

Zurich Child Cover offers a range of benefits that will enable you to claim the money that you need to make life more comfortable for your child, to take time off to care for your child, to provide treatment, or to deal with funeral expenses. This financial support means that the money related stress is removed from your shoulders, so you can focus fully on looking after your child or making necessary arrangements rather than getting caught up in financial struggles.

Often, when a child contracts a serious illness one of the parents has to give up working in order to provide proper care for them, and this can have a massive impact on household finances, which turns a bad situation even worse. However, with this plan from Zurich you can receive a monthly benefit for a specified period of time, which helps to ease the strain and provides you with the time that you need to take care of your child. This is just one of a range of benefits that comes with the Zurich Child Cover plan.

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Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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What's covered?

The Zurich Child Cover plan offers access to a number of key benefits, all of which are designed to remove the financial burden from parents and enable them to focus on the situation at hand rather than stressing over finances. The plan provides a minimum of $10,000 cover, which can be increased in increments of $10,000. The policy has a continuation option, which means that once the child reaches 18 years of age they can take out a new death and trauma policy without having to undergo any medical examinations.

Some of the key features of the plan include:

  • Child trauma benefit. If the insured suffers a specific trauma, a benefit of up to $500,000 may be paid out. Traumatic illnesses include:
    • bacterial meningitis
    • benign tumour of the brain or spinal cord
    • blindness
    • cardiomyopathy
    • chronic kidney failure
    • deafness
    • diplegia
    • encephalitis
    • hemiplegia
    • loss of limbs or sight
    • loss of speech
    • major head trauma
    • major organ transplant
    • malignant cancer
    • paraplegia
    • quadriplegia
    • severe burns
    • stroke.

You should note that in the event of a stroke or malignant cancer, a claim cannot be made within the first 90 days of the cover starting.

  • Terminal illness or death of a child. The Zurich Child Cover plan also provides coverage in the event that your child is diagnosed with a terminal illness or the child dies. In either event a lump sum of up to $200,000 is paid out, which can be used to provide your child with enhanced care and quality of life in the event of terminal illness or can be used to pay for funeral expenses and related costs in the event of death.
  • Advance payment. If the insured child loses a limb or an eye, or if the child sustains injuries from a serious accident or illness that requires intensive care, and advance benefit of $10,000 is paid out under the Zurich Child Cover plan.
  • Carer benefit. If your child is seriously ill, it is only natural that you will want to be there to take care of him or her. However, if you are one of the main income earners in the household this can have a massive impact on household finances and can make the whole situation even more difficult. Under the Zurich Child Cover plan, you could be entitled to up to $5,000 per month for three months if you are forced to stop work in order to look after your child. This covers serious illnesses but not those that are covered by the ones specified in the trauma benefit. You should also note that this benefit is only offered if the sum insured is at least $200,000.

What isn't covered by the Zurich Child Cover option?

Your claim under the Zurich Life Insurance Insured Child Option will not be paid if:

  • It is caused by an intentional self-inflicted act or attempted suicide within the first 13 months of cover commencing, being increased or being reinstated
  • It results due to an intentional act by the policy owner or another beneficiary

Who's eligible?

  • If you want to add the Insured Child Option to your Zurich Life Insurance policy, the child must be aged between two and 17 years and must live with the life insured when you apply for cover. You can apply for a sum insured of between $10,000 and $500,000, and cover expires when the insured child reaches 18 years of age.
  • Once their cover expires, if the insured child wishes to take out a new death and trauma cover policy with the same benefit amount, they can apply to Zurich in writing within 30 days of the policy anniversary following their 18th birthday.

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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