This type of insurance often provides for payment, but the program can additionally include the organization of medical treatment or rehabilitation if the child has an accident as a result of some activity. Adding these options raises the cost of insurance policy, which significantly increases the value of insurance coverage.
For children who are into amateur or professional sports, child sports insurance programs have been developed, the insurance coverage of which includes risks associated with any kind of sport. Such a policy is valid both during training and competitions.
Voluntary health insurance (VHI) allows increase and expand the scope of medical services compared to compulsory health insurance. A VHI policy can include high-tech services, outpatient and inpatient treatment, dentistry, emergency care. It is possible to apply for a voluntary health insurance program for a child from birth.
The cost of the policy depends on services included in the program, as well as on age and health of the child. The cost of voluntary health insurance programs for children can usually reach several hundred thousand per year for an extended package of services.
Endowment is an insurance product that allows saving money for specific goals and your child’s future but also protecting their life and health. Technically, endowment is a piggy bank that you regularly replenish. The peculiarity of such a product is insurance coverage: while you save up, your life and health are insured against unforeseen circumstances. Child endowment programs are a guarantee that even if a parent, due to unforeseen circumstances, loses the opportunity to make regular contributions, the insurance company will provide assistance to both the parent in the form of insurance benefit and the child, who is guaranteed to receive the capital planned for accumulation at the end of the contract.
Endowment is an important and necessary financial product for any client. These programs have been demonstrating their advantages for many years, as they provide clients and their families not only with insurance coverage but also with a financial safety cushion, thanks to which the foundation is built that is especially relevant for parents of the younger generation.
One of the program’s advantages is the protection of contributions. That is, if an accident occurs with a parent during the program, and savings are at risk, the insurance company will not only pay insurance benefit but also assume obligations to pay the next contributions until the end of the insurance program.
Besides, the endowment programs provide for a social tax deduction.
Which insurance program to choose
The suitable type of insurance for a child depends on many factors: their age, health, lifestyle and the parents' plans. Insurance programs provide protection against various risks and help cover the costs of medical care in the event of illness or injury. However, it is necessary to bear in mind that this creates a certain financial burden on the family budget, since in some cases the cost of these programs is impressive. Thus, many parents have to make a choice, and it is usually not easy.
Unlike other types of insurance, endowment includes an ecosystem function, as it not only provides protection for the child but also creates capital that can be used in the future. Parents can be sure that their invested funds will be paid to the child under any circumstances, which makes such a program attractive from the long-term financial prospects.
Source: https://companies.rbc.ru/news/CgSc084tJA/zachem-strahovat-detej-i-kak-eto-sdelat/
Photo is from open sources.
