Hi, and welcome to Episode 10 of AskPaul. 

Today, we’re going to have a chat around children’s benefits on life assurance contracts, not the best topic in the world to discuss, because as we know, people don’t want to talk about their kids getting sick, especially seriously ill, but it’s a discussion we’re gonna have, because it’s important that people out there realize exactly what their plans cover them for, and to make sure they’re in unfortunate events, where a child is sick, that they can claim where they have benefits in place.

So, let’s look at the contracts, the first we’re gonna talk about is life assurance contracts. All the providers out there have some element of cover in place. Those contracts range from 2,500 to 7,000 for children in the event of a life assurance claim. Again, not great to talk about, but just let you know that it is available. The second thing I’ll talk about is specified in this cover. So, if you have a specified illness contract in place, either for yourself, your wife or your husband, you’re gonna have free children’s cover on that contract by most of the providers.

The benefit ranges from about 20,000 to 25,000, it’s a once off payment, should a child be diagnosed with a specified or a serious illness. So again, important to keep that in place. There’s also a lower amount paid for 7,000 to 10,000, depending on which company you’re with, and that’s what’s called a partial payment, that’s specified in this cover.

So, an illness that isn’t that, I suppose, serious, so lower down the list of an illness. So again, those two things are in place, specified illness for kids and partial payment, that’s specified for dealing with children as well. There’s then other softer kind of benefits that are available, and one of these benefits would be Hospital Cash cover.

If a parent covers himself on a Hospital Cash cover on the contract with one of the life assurance companies, the child is automatically covered, between 30 to 60 Euros per day, if they’re in hospital. A few terms and conditions in place on that one, but again, have a look at your policy to see what it is. If you are taking a new policy, maybe keep it in mind. The next thing we’re gonna have a look at is a benefit, that’s provided by Aviva.

Aviva have this partner called Best Doctors, it’s basically a medical second opinion. It’s free to all Aviva policy holders, which is an excellent benefit in my opinion. And what does it do? Well, it does exactly what it says on the tin. It’s a Best Doctor and medical second opinion. So, if you or your parents, or your children, so it’s really unique, so for argument’s sake, if I have cover, my parents are free for Best Doctors and so are my children. So again, a really good, and my spouse, my wife, so really good product. So, what does it do? Well, if one of us becomes seriously ill, and we wanna get a second opinion, we can get a Best Doctor from around the world to review our file and give us their medical opinion, which I think is really, really practical. The other thing, that Aviva do is this thing called Overseas Treatment Plan.

That Overseas Treatment Plan is what’s called a wider benefit, so it costs a few quid extra per month. It’s 12 – Euro 50. It can only cover myself and my children on that Plan. Now, it’s 12 Euro – 50 per month, but what does it do?

Well again, it’s probably invaluable what it does, in my opinion. It gives you Overseas Treatment Plan access. So if your child is sick, whether you or your child are sick with cancer, or neurosurgery requirements, Aviva will pay for you to go to either the States or to Europe to be, to have surgery, and to me, that’s a really, really, really good benefit. We all, obviously, put our children’s health first and foremost in our minds, and we’d hate to feel that we couldn’t look after them, should anything go wrong. So, that benefit, for me is a really, really good benefit.

Again, the reason we’re discussing these topics is to make sure that you’re aware, that you the public are aware of what’s out there and what’s in the marketplace.

If you have any questions, please don’t hesitate to ask me at questions@askpaul. And again, please share, and if you think of anybody that’d like to know about this video, please comment, put their name in the Comments box below. As always, thanks for your time, and chat soon.

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