No one ever wants to imagine their child becoming critically ill or suffering a serious accident. But sadly, it does happen.
A critical illness policy for children provides financial security during what is an incredibly tough period for families and carers. While it can never take away the pain felt, it allows you to spend valuable time caring for them.
Many insurer’s offer children’s cover but, as with the adult’s version, quality of cover can vary. In this post we look at Guardian’s Child Critical Illness cover.
Cover Is Optional
If you have a Guardian Life Protection, Combined Life and Critical Illness Protection or Income Protection policy, you can simply add Children’s Critical Illness Protection to it at any time. Unlike some other life and critical illness policies, it’s not automatically bundled in, so you don’t pay for it if you don’t want it. It covers all natural, step or adopted children and those for whom the parent has parental responsibility or is a legal guardian. And they’re covered from birth to age 23.
Cover Amount
Unlike most other providers, Guardian don’t limit the children’s cover to £25,000 or a maximum of 25% of the adult’s policy. Instead, if parents are adding children’s cover to their plan, they can choose any amount between £10,000 and £100,000 to a maximum of the amount they’re covered for themselves.
Cover Upgrade Promise
Guardian’s Cover Upgrade Promise applies to children’s cover too.
Full Payouts
If an eligible child is diagnosed with one of the listed illnesses or conditions, Guardian will pay 100% of the amount of cover specified on the cover summary, and the cover for that eligible child will then end. If you have 5 children the other 4 children would still be covered. And crucially, any payout on the children’s cover does not affect he adult’s cover!
Additional Payouts
If an eligible child is diagnosed with one of the listed illnesses or conditions, Guardian will pay an additional amount. They will pay an additional 25% of the amount they’re covered for, once for each eligible child. The exception being for low-risk non-melanoma skin cancer which pays 10% of the amount they’re covered for, up to a maximum of £50,000. The amount covered (on the cover summary) would remain intact should they need it in the future for a further claim.
As with all insurance policies, conditions and exclusions will apply