Zurich's Insured Child option provides financial support should the unforseen happen to your children and most importantly takes away the financial stress, to provide choices to aid in your child’s recovery.
Zurich's Insured child option allows cover for children to be added to any Death, TPD, or Trauma cover taken out by the parent(s).
Children will be individually underwritten when cover is applied for and can exercise a continuation option when they reach 18. This means that their cover can convert to a new death and trauma cover policy without providing further health evidence.
You can choose sums insured from $10,000 to the maximum limit, in multiples of $10,000. One or more children can be covered.
A brief outline of the benefits provided under Zurich's Trauma cover (via the Zurich Protection Plus policy) is set out below. Full details, including any benefit limitations and exclusions, can be found in the Zurich Wealth Protection PDS (pdf 2.3Mb).
Child trauma benefitPays a lump sum of up to $500,000 if an insured child suffers a specified Trauma event.
Insured child option benefits:
- bacterial meningitis
- benign tumour of the brain or spinal cord
- chronic kidney failure
- loss of limbs or sight
- loss of speech
- major head trauma
- major organ transplant
- malignant cancer*
- severe burns
Any specified Trauma marked with an asterisk (*) cannot be claimed in the first 90 days after cover starts. Refer to the Zurich Wealth Protection PDS for the details of this restriction.
Child death or terminal illness benefitPays a lump sum of up to $200,000 if an insured child suffers death or terminal illness.
Advance paymentPays an advance benefit of $10,000 if an insured child suffers the loss of a single limb or eye or suffers a severe accident or illness requiring intensive care.
Carer benefitOnly provided if the sum insured is $200,000 or more.
If you (the parent and policy owner) stop work to care for a child who is seriously ill (but has not suffered one of the listed traumas), a benefit of $5,000 per month is payable for up to 3 months.