No parent wants to think about something happening to their child but most of us know of a family that has been through a medical nightmare with one of their kids.
There’s the shock that it happened to them & their family, then the doctor & hospital visits, and the disruption to the whole family’s life while it is put on hold.
It’s a difficult topic to talk about but I choose to bring it up with my clients as it is my job to take away the financial burden of such events.
You will have medical expenses to deal with, along with time off work for parents and maybe some additional child care for the other children.
So what would you need to take away the financial worry in this situation?
The average Australian family may have some life and Total & Permanent Disablement cover for both of the parents, and the breadwinner may have some income protection insurance. These insurance covers are traditionally not going to help in this situation.
Children’s Trauma Cover (or Child Cover) is a very inexpensive way to deal with this financial worry. For around $5 per month, you can have $50,000 of cover that is going to fill the gap in your living expenses (the lump sum amount is not a restricted payment).
You can now afford the best medical care for your child, have both parents take leave without pay from their jobs, have your other children cared for, and fill any other financial need.
Some insurers offer this cover as stand alone cover, and some other insurers offer this cover as an additional benefit of the parent’s income protection cover or trauma (critical illness) cover. Have your financial adviser review your insurances to see if you have the peace of mind associated with this cover.