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Insurance policies for children

Children are the most precious thing we have, and their safety always comes first. With their incessant energy, there is always a risk of injury or accident. The question of insuring children usually occurs when traveling abroad, when insurance is a prerequisite. However, insurance is not only a way to protect a child from an accident; it is a way to provide them with a stable future, to accumulate initial capital for education, housing, and travel, and to take care of their independent life in advance.
Insurance policies for children

Child life insurance is divided into risk insurance (from an accident), endowment, and voluntary health insurance (VHI).

Accident insurance

Insurance will not solve the problem of parental fears but it will give financial stability and confidence that at the right time there will be money for medical treatment and rehabilitation.

Depending on the situation, you can get insurance for both a long period and 1 day.

For example, you are planning a trip for a couple of days and want to be sure that in case of emergency your child will receive the best help without having to spend a lot of money on it.

You can insure a child aged from 0 to 18 years, but keep in mind that the amount of premiums depends on age: the older the child, the cheaper the insurance.

Endowment

This type of insurance is popular because, in addition to protecting against expenses, it allows you to accumulate funds for a stable future. Money for education, wedding, own housing, travel will become available to your adult child upon reaching a certain age.

In other words, these are funds accumulated in the insurance company’s account and are transferred to the insured person upon expiration of the contract. In this case, just like in a bank, interest is accrued to your account.

You can also receive an annual tax deduction on the amount of contributions.

VHI for children

VHI gives confidence that your child will always receive the best care; you can always take him to the doctor and provide the necessary medical care. This is no longer compensation for what happened; it is rather prevention of probability of such situations.

The cost of the policy depends on medical institutions, which the company cooperates with and which services are included in it. For example, if you want your policy to include dental care, be prepared to pay more. If you want to receive in-home medical care, the price will also increase, and the cost obviously depends on age (more expensive for infants).

But every parent knows that health is more valuable.

Pros

Life insurance programs for children usually include a wide range of risks (various injuries and illnesses). Practice shows that the most common cases under children's life insurance policies are bruises, concussions, fractures of the forearm, fingers and toes.

The flexibility of insurance programs also plays an important role. During the term of the contract, the family's life circumstances may change. Insurance programs must meet the needs and capabilities of the family in any situation, which means it is necessary to be able to make updates to the policy terms chosen by the client, for example, expand the list of risks or increase the premium amount and amount of target savings.

Another option that is worth paying attention to when concluding a child life insurance agreement is a financial security of a parent. The family well-being and child’s standard of living also depend on parents’ health.

Source: https://www.forbes.com/advisor/life-insurance/life-insurance-for-children/

Photos are from open sources.

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