Zurich has issued a media release saying emphasising the fact that parents who have children affected by severe illness or trauma not only deal with enormous emotional strain in their lives but often severe financial stress too. Very often they face unexpected costs of treatment, recovery and time off work which is not covered by schemes such as Medicare or health funds.
Zurich Financial Services Australia has thus updated its insured child cover to give parents the financial flexibility to ensure they can afford additional or indirect costs. The cover aims to help parents in the choice of doctor, treatment overseas, temporary relocation or taking time off work to help their sick or recovering children or pay for special care and surgery.
“The financial adviser market is more focussed on insurance cover for children than ever before, and Zurich has stepped up provisions under its child cover insurance to ensure that parents get cover that is of real value when the worst happens.” said Zurich’s National Manager Sales Strategies & Research Marc Fabris.
“We hear about the severest of childhood trauma cases in the media, but few are aware that 41 per cent of Australian children aged under 15 years had a long-term health condition (figures taken from Australian Bureau of Statistics 2006, National Health Survey: Summary of Results, Australia, 2004-05, cat. No 4364.0, ABS, Canberra). If the health condition is severe, the financial strain, added to the emotional stress, can be overwhelming for a family and this could impact the ability to afford the best treatment or recovery available for their child.
“The new cover provides financial support to relieve financial stress and to provide choices to aid in their child’s recovery. For example, it can make it more affordable for parents or carers to take time from work to be with their sick children, particularly important for those in regional or country areas who need to travel or relocate to be with their child through treatment and recovery,” he said.
Zurich’s new insured child option provides up to $200,000 death, terminal illness and trauma benefits cover for children over two years of age. Each child is separately underwritten when attached to any adult benefit within the Zurich Protection Plus policy. Once the child reaches 18 the cover can be converted to an adult policy without providing further health evidence.
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