Summer Fun & Family Protection: Are You Covered?

A Summer of Joy – and Preparedness

Hopefully, the sun has been shining for you during the first half of the school holidays?

Summer is a time for family, travel, and adventure. Make sure you have the right levels of protection in place for your children so that you can focus on making awesome family memories.

If you already have life insurance or critical illness cover in place, you will be familiar with the sense of reassurance they give. Did you know that childhood cover is also available? In this month’s issue of Protection Perspective, I explore the three key areas of children's protection.

Children’s Critical Illness Cover

In simple terms, this type of cover will pay a lump sum if a child is diagnosed with a specified critical illness. Critical Illness pays on diagnosis of a specific illness or condition; it is not related to parents being unable to work.

The lump sum paid is tax free, and would be typically defaulted at £25k, however could be increased to up to £100K for children. All children under one policy would be covered from 30 days old, up to age 23, for the same cost (which is particularly helpful for families with multiple children).

The real benefit here is that whilst this money could help pay for care and treatment if required, more importantly, it allows parents to be by the side of the child for the time required without feeling the financial pressure due to taking time off work.

Most providers include this, but it is not a standalone product; it is offered as an add-on or included in adult critical illness policies.

Children’s Accident Cover

In the season of bike rides, tree climbing and other summer holiday activities, Children’s Accident Cover can really come into its own! (Side note – this type of policy can be especially useful for children involved in regular sports groups!)

I often signpost my clients to ChildShield from MetLife. This provider offers dedicated accident protection for children, covering broken bones, burns, hospital stays, and more. ChildShield pays out even for relatively minor accidents – great for peace of mind during active holidays.

You may be surprised how inexpensive this type of cover is. There are two levels of cover: £6 or £11 per month, and again, one policy covers all children in the home.

If your child was in hospital or bed bound a few days due a broken limb, would both parents be able to work as normal? This type of payout is for the small setbacks in life, which can often be the most disruptive!

Pregnancy and Early Years Cover

This is a specific option available with Zurich’s life/critical illness plans.

For expectant parents or those planning a family, this policy covers pregnancy complications, birth trauma, and congenital conditions in newborns. As mentioned above, most Children’s Critical Illness policies only cover children from 30 days – Zurich’s Pregnancy and Early Years Cover gives you peace of mind from pregnancy, bridging the gap to Children’s Critical Illness policies.

Zurich allows you to add this cover when taking out adult CI policies, depending on eligibility – I can help you navigate these criteria.

So, if you are looking ahead to family planning this summer, why not take some time to review your coverage if you are expecting or planning to add to your family.

Why Review Your Protection Now?

As parents, you know – nothing stays the same for very long! When you think you’ve cracked a routine, things shift and change, and you have to adapt all over again. Put simply, families’ needs evolve. What worked last year for your life and family insurance may not be enough this year.

I can help ensure all children (and future children) are considered in your protection planning.

Protect today, enjoy tomorrow.

If you'd like a free summer review of your protection plans, get in touch today.