Most critical illness insurance cover providers enable you to extend your plan to also cover your children. Although the cover available ranges between critical illness insurance providers, it is usually a much smaller amount than the main sum insured.
If your child is covered by your critical illness insurance policy and he or she develops an illness covered then you will receive a tax-free lump sum payment. You will receive this payment from your critical illness insurance even if your child gets better. This payment can be spent in any way that you wish, such as on the provision of medical care and treatment for your child.
It is common for the child cover to cover fewer specified diseases than for the adults covered. Some insurers add specific child diseases to child cover; e.g. Bacterial Meningitis. Some insurers delete diseases that are not relevant to children while others see no need to if the children cannot catch them anyway e.g. senile dementia
Types of cover: Index