No parent ever wants to think about their child becoming seriously ill or injured. Yet for some families, it suddenly becomes reality. Beyond the emotional impact, there can also be enormous financial strain – from taking time off work to accessing treatment that isn’t fully covered by Medicare or private health insurance.
This is why I find Child Cover such an important topic to discuss with clients. It’s an optional add-on to life insurance that pays a lump sum if a child suffers a serious illness, major injury, or passes away. While benefit amounts are typically between $10,000 and $200,000, the real value is in creating options at a difficult time – the ability to focus on your child’s care, not the costs.
Families often use this support to cover expenses such as specialist therapies, travel for treatment, or extra help at home. In some cases, both parents have been able to take extended leave from work, giving them precious time to be fully present during recovery. Many policies also include the option to convert Child Cover into adult cover later, even if health issues have developed, helping young people maintain protection into the future.
Child Cover isn’t about replacing income – it’s about easing pressure when it matters most. For families, knowing this support is in place can offer reassurance that, should the unexpected happen, they’ll have room to breathe. Speaking with an adviser can help you understand how it works, whether it’s appropriate for your situation, and what options are available for your children.
