Parents want what’s best for their kids. But while you’re worrying about which school they go to, if they’re getting a good diet or spending too much time on screens, have you thought about whether they have sufficient insurance?

In general, children don’t tend to have, or need, a lot of personal insurance. They aren’t carrying large debts that need to be covered, and they don’t generally have a lot of assets.

But there are situations where insurance can help. Here are some things to think about.

Trauma insurance

When a child is very sick, it can have a big impact on the whole family.

A parent may have to take significant amounts of time off work to care for the child, and there can be additional costs associated with accessing care, seeking non-funded treatments, or sometimes even making alterations to the house.

Trauma insurance could be a way to help manage financially. Critical child illnesses such as cancer, and conditions of the heart and brain are often covered by trauma policies, which pay a lump sum if the policy criteria are met.

This could be a big help in what is often a financially tough time.

Many insurers offer trauma cover for children as an add-on for parents’ policies, or trauma policies can be accessed as a standalone option for the child with the parent as legal owner of the policy until the child is 16.

Health insurance

Most childhood illnesses are dealt with in the public system via a visit to the GP. But sometimes further treatment is needed, and having health insurance can mean that the wait to access the needed care is reduced and there are more options around where and when the treatment is scheduled.

Even relatively common procedures, such as tonsillectomies, can involve a delay in the public system but can usually be dealt with more promptly with private cover.

Taking out health insurance in childhood can be a big benefit for the kids themselves because it means they are usually covered before any health conditions arise and don’t have to worry about finding cover for pre-existing conditions later in life.

Impact on parents’ policies

If you’ve recently had children, this may be an opportune time to check that you have sufficient insurance cover. Children can have a direct and indirect effect on your insurance needs.

You might need to think about things such as:

• Who would look after the children if one or other parent was unable to work? What cost would come with this?
• Do you have extra debts or other obligations as a result of the children, for which you need cover?
• Are you concerned about how your children would be looked after financially if you were no longer around?

Time for a check-up?

If it’s time to think about reviewing, renewing or taking out new insurance, get in touch with us. At SHARE, our advisers have dealt with almost every scenario imaginable. Let us use our wealth of knowledge to help you find suitable cover for you and your family.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.