Child policies cover a range of trauma events for children usually between 2 and 20 years of age, and as with other forms of insurance, pre-existing conditions are excluded.
For this reason, it’s advisable to consider children’s insurance when your child is born, or soon after.
As another option, some adult trauma policies offer up to $10,000 in child cover as a premium-free benefit. Although this is only a small amount, it should be considered when looking at various policies on offer.
When contemplating insurance for your child, ask your adviser about a continuation option. This option converts your child’s policy to an adult contract when they reach a certain age – particularly relevant if the child suffers a lifelong condition.
All insurance companies maintain their own list of insurable illnesses and injuries so it pays to shop around and compare policies. Additionally, insurance companies often apply their own medical definitions and limitations to illnesses. Make sure you read the fine print on all policy terms and conditions and ask questions if you’re not sure.
Read Full Report – TAM Winter 2013
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