What Kind Of Insurance Do My Children Need?

Do you have the right amount of insurance coverage on your children?  My children were added to our insurance policy, but I couldn’t tell you what coverages they have, can you?  Maybe we can learn something from Lynette’s guest post.

What could be worse than having a sick or injured child? It’s almost unthinkable. Of course, a parent’s first instinct is to stay as close to their child as possible to nurse them through this difficult time. But as much as you’d like it to, when the worst happens, the world doesn’t stop. The bills keep coming, and this adds financial strain at a time when money is the last thing you want to worry about. That’s why children’s insurance makes sense. Because if something were to happen to your child, comfort can at least be gained from the knowledge that you’ll have help to cover things like:

  • Rehabilitation
  • Medical treatment
  • Replacing lost income if you or your partner need time off work, or
  • A holiday with the family to help ease the strain.

Choosing the right cover
Your family’s medical history and financial situation are important considerations when it comes to deciding what kind of insurance your child needs. All insurers have their own lists of covered illnesses and injuries, as well as varying medical definitions and exclusions, but most include things like:

  • Cancer
  • Deafness
  • Encephalitis
  • Loss of limbs or sight
  • Major head injury
  • Major organ transplant
  • Severe burns

Which policy is right for your child?
Research is everything when it comes to deciding on the right policy to insure your child. Depending on the insurer, you can choose how much you are covered for, or decide to accept a set benefit for particular types of illness or injury. Everyone’s situation is different, so it’s very important to ask questions.

This guest post was created by Lynette Argent at Million Dollar Woman, Million Dollar Woman offers both Kids Insurance and Life Insurance all designed to meet the unique needs of women.

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