Have you thought about providing financial security for your children in case they are seriously injured in an accident of any kind? No one likes to think about the possibility of an accident putting your child in a wheelchair for life. Not thinking about the possibility, however, does not take away that chance.
Parents increasingly recognize the need to insure their children against accidents. They want to know that in case of misfortune for their son or their daughter, at least there will be no financial difficulties; that the financial needs of their child will be assured for the next 70 years if necessary.
Health insurance for children is normally included in family health insurance policies and is obviously worthwhile. Is it sufficient?
Children's health insurance can cover illnesses and broken bones, but rarely covers everything that can happen to a child.
Your family health insurance policy coverage may not include:
Accidents during school outings. The school may have insurance, but is that enough to provide lifelong care if your child gets a serious head injury while skiing?
Car accidents with uninsured drivers. Unfortunately, many children are injured each year when uninsured drivers hit them. The worst drivers almost always have no insurance.
Mental health is not always sufficiently covered by a general family health insurance policy.
The death. Health insurance policies rarely pay if the insured is killed. Money will be needed for counseling of siblings and parents as well as for funeral expenses.
A growing number of parents are asking insurance companies for child insurance to cover these and other eventualities. Ask an insurance broker about the different policies available and their costs. The cost is low because the risk is low. However, insuring against this low risk could mean a world of difference for your son or daughter.
