Thinking About Money – Winter 2013

Wednesday, 17 July 2013

Child policies cover a range of trauma events for children usually between 2 and 20 years of age, and as with other forms of insurance, pre-existing conditions are excluded. For this reason, it’s advisable to consider children’s insurance when your child is born, or soon after. 

As another option, some adult trauma policies offer up to $10,000 in child cover as a premium-free benefit. Although this is only a small amount, it should be considered when looking at various policies on offer.

When contemplating insurance for your child, ask your adviser about a continuation option. This option converts your child’s policy to an adult contract when they reach a certain age – particularly relevant if the child suffers a lifelong condition.

All insurance companies maintain their own list of insurable illnesses and injuries so it pays to shop around and compare policies. Additionally, insurance companies often apply their own medical definitions and limitations to illnesses. Make sure you read the fine print on all policy terms and conditions and ask questions if you’re not sure.

Read Full Report – TAM Winter 2013

 

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Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557. Christopher Black is an Authorised Representative of Magnitude Group Pty Ltd and may offer you services through Fortress Financial Solutions Pty Ltd. Magnitude is only responsible for the financial planning services provided by Christopher Black. This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.
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