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Looking after your finances if something happens to your kids

Claire Sutton

By Claire Sutton
Executive Manager, Life Portfolio and New Business

22 February 2019

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Many of our customers, when taking out a life insurance policy, are thinking about protecting their family financially if “the worst should happen.”

And ensuring that your family is financially secure if something happens to you is the main purpose of a life policy.

But for many parents, the real worst-case scenario is not something happening to them – it’s something happening to their children. 

Kids cover can support you financially if your kids need you

If your child (or grandchild) suffers from a serious illness or injury, it could have a big impact on your family’s time and finances.

Kids cover is an optional extra on many life insurance policies, that allows you to insure your children as well as yourself, under your policy. 

If your child is diagnosed with one of the listed conditions, your Kids Cover is paid out in a lump sum that you can use to cover your income if you need to take time off work or cover medical bills, or for counselling, or changes to your home - or anything else you might need. 

How Kids Cover works

Different insurers will have different Kids Cover options. With Asteron Life’s policy, you can choose to add $50,000 Kids Cover for free, to cover your children or grandchildren. If you want Kids Cover, each child you want cover for will need to be named and underwritten individually.

If you want more, you can choose to add up to $200,000 of Kids Cover for only a very small premium. 

Asteron Life’s Kids Cover benefit will pay out for a number of specified serious illnesses, so check our policy details or talk to your adviser for more information on what is covered.

You can talk to your adviser about adding Kids Cover to your policy

We know it can be unsettling to add insurance cover for your children – no one wants to think about anything happening to their kids.

We all hope you will never need it, but adding $50,000 of Kids Cover to your policy is free, and it means that if anything does happen, you can be there for your family without worrying about money. 

If you’d like to add Kids Cover to your policy, you can talk to your adviser today.

The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Asteron Life Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Asteron Life Limited and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.

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