As a parent or guardian, your primary responsibility is the health and safety of your child. Select insurers may offer life insurance and trauma insurance (also known as child cover) for children as an additional option to your life, TPD or Trauma Cover Policy, extending insurance protection to more of your family.
What is child trauma insurance?
Child Trauma Insurance, also sometimes known as Family Protection, is generally designed to insure your child against a number of critical illnesses. This life insurance for child option can be included as part of your trauma cover policy or, in some cases, it can be added as part of your Life and TPD policies.
What does Child cover include?
Child Cover will generally insure your child against a number of critical illnesses that are specified in the Policy Disclosure Statement (PDS), as well as terminal illness or death. In most cases, the critical illnesses that are included as part of the child cover are the critical illnesses most likely to affect children.
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A summary of general critical illnesses is included in the below table:
Cancers and Tumours:Benign Brain Tumour
Benign Tumour of the spine
Cancer | Nervous system disorders:Encephalitis
Meningitis and or meningococcal disease |
Heart Conditions:Cardiomyopathy | Body organ conditions:Chronic kidney failure
Major organ transplant |
Brain Disorders:Brain damage
Major head trauma
Stroke | Mobility conditions:Loss or paralysis of limb |
Sensory conditions:Blindness
Deafness | Blood Disorders:Aplastic Anaemia |
Please consult the relevant PDS for a more detailed explanation of what trauma conditions and illnesses are covered by each insurer.
Who can apply for child trauma insurance or child cover?
Any of your children (biological or adopted) who are between the ages of 2 – 15 are eligible and generally coverage is available up to the age of 21. You may be able to insure as many children as you want under your policy. However, select insurers do have a limit in place.
What are the benefit amounts available?
Free cover:
Select insurers offer up to $10,000 – $20,000 of free cover for each child covered under the policy.
Additional or paid cover:
Most companies offer a paid option where you can ensure each child up to $200,000, however most of them will only allow you to have the same sum insured for all your children.
How does the Child Life Insurance option work?
If you include this option as part of your life, TPD or trauma policy and your child suffers from one of the specified critical illnesses (as defined in the product disclosure statement), is diagnosed with a terminal illness or passes away, you will generally receive a lump sum benefit for the sum insured up to a maximum of $200,000.
How much does child cover cost?
The number of children you wish to insure and how much cover you want will affect how much your child cover costs. It may only cost a few dollars extra per month to insure your children.
In some cases, insurers may offer a child trauma discount if you take out the cover above a certain amount.
Products with Free Built-In Child Cover
| Insurer | Amount of Adult Cover | Level of Free Child Cover | Premiums* |
|---|---|---|---|
| AIA | $500,000 | $20,000 | $37.28 |
| AMP | $500,000 | $33.81 | |
| Asteron | $500,000 | $30.17 | |
| BT | $500,000 | $33.37 | |
| Clearview | $500,000 | $25.77 | |
| CommInsure | $500,000 | $30.96 | |
| MLC | $500,000 | $25.58 | |
| OnePath | $500,000 | $32.00 | |
| TAL | $500,000 | $10,000 | $30.48 |
| Wealth Protection | $500,000 | $30.91 | |
| Zurich Futurewise | $500,000 | $32.51 |
* Premiums are based on a 35-year old, non-smoking, white collar professional, male, having $500,000 worth of life insurance on a stepped premium. Refer to PDS for more information.
Products with Optional Child Cover Added
| Insurer | Amount of Adult Cover | Amount of Optional Child Cover | Premiums* |
|---|---|---|---|
| AIA | $500,000 | $50,000 | $42.00 |
| AMP | $500,000 | $50,000 | $37.46 |
| Asteron | $500,000 | $50,000 | $34.17 |
| BT | $500,000 | $50,000 | $38.55 |
| Clearview | $500,000 | $50,000 | $31.85 |
| CommInsure | $500,000 | $50,000 | $36.09 |
| MLC | $500,000 | $50,000 | $32.13 |
| OnePath | $500,000 | $50,000 | $36.42 |
| Wealth Protection | $500,000 | $50,000 | $35.74 |
| Zurich Futurewise | $500,000 | $50,000 | $40.02 |
* Premiums are based on a 35-year old, non-smoking, white collar professional, male, having $500,000 worth of life insurance and $50,000 of optional child cover on a stepped premium. Refer to PDS for more information.
Do you offer insurance for loss of jobs to cover school fees until parent(s) successfully finds another job?
Hi Dalia
Thank you for the question, unfortunately we don’t have access to any type of school fee insurance cover that covers school fees when the parent is between roles or has lost their job. The policy we do have access to which is the School Fee Protector benefit you can add onto a Life or TPD policy with AIA. This will pay a lump sum benefit towards your child’s school fees if you become totally and permanently disabled, pass away or you become terminally ill.