Child Trauma Insurance Advice
If your child experiences a serious injury or illness, child cover helps pay for things like medical treatment, professional care, and time off work.
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Our Child Trauma Insurance Solutions
What We Do
Child Trauma Insurance
Child Cover for Injury or Illness
A holistic wealth protection strategy safeguards every dimension of your financial world:
Your assets, your health, and your family’s health.
And private health insurance for your dependants plays an important role.
But, if your child experiences a serious injury or illness, it doesn’t cover time off work, travel, accommodation, professional care, or certain specialist appointments.
Child trauma insurance is designed to pay those costs so you don’t have to draw down on your savings or liquidate assets during an incredibly stressful period.
With a lump-sum payment claimable upon diagnosis, you can be there for your child when they need you most.
Find out how MiQ can help you access personalised cover that aligns with your broader wealth protection strategy.
- Cover from $10,000–500,000
- Carer and advancement benefits available
- Indexed cover from just $10.92 per year per child
FAQs
Is Child Trauma Insurance Necessary?
In 2021–22, over 62,500 children under 15 years were hospitalised in Australia.
With approximately 5.1 million children in Australia, the risk of your child ever suffering a serious health condition is low.
But child cover isn’t about the odds.
It’s about ‘what if’.
What if your child was hospitalised?
What if you had to draw down on your savings to give them the treatment they need?
What if you couldn’t afford to be there for them in the way they needed you to be?
With the right child trauma policy, those questions don’t need to be answered.
Book a meeting with an MiQ advisor to learn more about why child cover could be right for you.
Pass on your financial legacy.
Make sure your estate is distributed in the right way – and to the right people.
Our wealth protection specialists are accredited with over [X] leading insurers.
Your Child Cover Questions, Answered
FAQs
Private health insurance and child cover have very different purposes. If your child is a dependant on your private health policy, they’ll be covered to the same level you are. But, depending on your level of cover, health insurance only pays for hospital costs or general costs (such as allied health services). It doesn’t cover travel, out-of-hospital tests, carers, assistive technology, or certain specialist appointments.
Child cover, by contrast, is a lump-sum payment that you can claim if your child is affected by one of the covered health conditions. It isn’t based upon the type of expenses you incur and can be used to pay for anything, including time off work or getting your child the medical support they need.
The NDIS is a complex system that can take a long time to get approved for. While NDIS participants do receive government funding to pay for specific supports – in addition to other social security payments, such as the Disability Support Pension – the level of funding received may not cover all expenses associated with your child’s disability.
More importantly, the NDIS only pays for supports that help your child undertake occupations – that is, daily activities such as learning, earning, and self-care. It doesn’t cover health-related costs such as the assessment, diagnosis and treatment of illnesses and injuries, which is exactly what child trauma insurance is designed for.
Yes, your child’s trauma cover can often be rolled over into life insurance with attached trauma insurance once they’re old enough. Depending on the terms of your specific policy, they may be able to opt into the transition without providing much (if any) additional underwriting information, which can be useful if they have pre-existing health conditions or work in a high-risk industry.
Child trauma insurance is similar to standard trauma insurance. It covers critical illnesses and injuries such as cancer, head trauma, meningitis, and major burns.
Self-harm, attempted suicide, or health conditions inflicted deliberately by a policy owner, parent or guardian, supervisor, or someone living with the child generally aren’t covered. Other common exclusions relate to injuries or illnesses resulting from:
- pre-existing conditions that you knew about or should reasonably have been aware of
- war
- engaging in criminal activity
- being incarcerated
- elective surgery
- taking alcohol and other drugs
- high-risk occupations or hobbies.
Always remember to thoroughly review the PDS of any policy that you’re thinking about purchasing. Your financial advisor can help you understand exactly what’s covered and can recommend policies from their product list that match your family’s needs and risk level.
Some child cover policies offer a carer benefit as an optional add-on. A carer benefit provides regular payments if you or your partner have to stop work to look after one of your children. Exactly how much you’ll get from a carer benefit, how often it gets paid out, and how long you’ll receive it vary from policy to policy, so make sure you check with your financial advisor before opting in.
Some trauma and child cover policies offer advancement benefits, which means that you can claim a percentage of your policy’s total cover if an advancement benefit event occurs. Specific events will be defined in your policy’s PDS, but, generally, they’re serious conditions that don’t meet the criteria for a full claim – for example, early-stage cancer or loss of hearing in one ear. Advancement benefits mean that, even if something that isn’t life-threatening happens to your child, you can still benefit from your policy.
Keep in mind that any successful advancement benefit claims are subtracted from the total cover amount. For example, if you held a $300,000 policy and your child experienced a permanent loss of vision in one eye, you could claim $30,000 (the 10% maximum payment allowable under your policy for that type of advancement benefit event). Your remaining child cover would then be $270,000.
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