Most of my clients have had their insurance risks assessed and we have adequate insurance cover either with an insurance company or via a superannuation fund.

But there is a new type of cover on the market – and it is insurance for kids. I know it sounds odd – but just think about it.

Have you known a family that has had a child with a life-threatening illness? I know that we all hope it does not happen to us – but what happens if it does?

What happens is that the family is thrown into chaos.

You want to be with your child – you need to be with your child – so it usually means that one parent has to take extended leave (usually without pay).

The other children suffer as one or both parents need to be with the sick child. 

Sometimes families have to sell their home or borrow from facility members.

This is a Risk for a family – and like all other risks, we want to make sure that there is a back-up plan in place.

It is possible for a very small additional premium to add Children’s Trauma Insurance to your own insurance policy.

The cover is available for all children over the age of 2.

If the child suffers an illness or has an accident that is life-threatening the policy pays out to the parents. If that cover was for say $200,000 then that money is paid out and used to offset the lost income and the medical expenses.

It is something that we hope never happens – but I am sure that all those parents with kids in Ronald McDonald House at the moment hoped it would not happen to them.

When you think about insurance risk – think about it as a family issue – because the whole family gets impacted by this kind of thing – we don’t want it to happen but for a small extra premium it is nice to know it is there.

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