There is endowment insurance, which also provides for the payment upon the occurrence of an insured event. However, the main purpose of this insurance is to save up for some goals in the future, for example, higher education. In this case the parent decides how much money his child will need by a certain age, and begins to save up with the help of an insurance company. It is beneficial and convenient. But one should understand that investing in this financial instrument is not designed for a short period of time, 1-2 years, it is a long-term investment. How much money and how many installments one needs to make into the child's account is determined by the parties’ agreement.
What are the advantages of such insurance?
First, it is possible to insure a child between the ages of 2 and 18.
Secondly, the insurance policy covers cases related to harm to the life and health of a child as a result of an accident.
Thirdly, the insurance policy compensates for the child’s medical treatment and recovery after injuries. The cost of insurance depends on the term, duration of insurance cover, selected insurance amount, as well as the child's sport (mountaineering, scuba diving, weightlifting, rhythmic gymnastics, motorcycling, etc.).
Fourth, it is possible to get insurance online without leaving your home.
If an insured event occurs, parents must immediately contact the medical institution specified in the insurance agreement. After providing medical assistance and submitting the necessary documents by the medical institution, the person should contact the insurance company for insurance compensation. Each company has its own list of documents, which must be clarified in advance.
The insurance payment is fixed, and it sometimes it covers part of the costs of the insured, depending on the contract terms. The amount of the insurance payout is determined by the severity of the harm caused to the child. Therefore, it is necessary to responsibly approach the signing of an insurance contract, paying due attention to it. Before concluding it, you should study in detail the agreement terms for compliance with your interests as an insured. If necessary, if some contract clauses are unclear or questionable, ask the representative of the insurance company to comment on these provisions of the contract.
Thus, you can be sure that you are protected from adverse events that may happen to your child.
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