xLife and Child Cover Options

Sadly, there are occasions when even a child can fall seriously ill or suffers a serious injury. At times like these, the last thing parents need is financial worries. Not only may medical expenses be extremely costly, the child may also need long term care. If the household depends on both parents having an income, this could present serious financial difficulties. Because of this, many Australian life insurance companies have started offering child cover, which is sometimes offered free of premiums if purchased either with, or on top of, an adult xLife life insurance policy.

Benefits of child cover are paid in a lump sum in the event of a child becoming seriously ill or being injured. This allows one parent to take a long term leave in order to care of the child. Most available child cover options offer benefit payments covering all children. This blanket coverage could, however, mean that once a claim has been made, no claim is possible if a second child falls ill later.

A selection of companies is now offering cover for each individual child instead of the blanket coverage, as a rule up to a maximum of $200,000 for each insured child.