Of all the CI claims for children received by Aegon in the last 10 years, 67% were for cancer.
Since 2007, 30% of childhood cancer claims were for brain tumours, 25% were for Leukaemia and the remainder were for other forms of cancer.
In 2016, cancer accounted for 83% of CI claims for children.
Simon Jacobs, Head of Underwriting and Claims Strategy at Aegon, said: “In the last 10 years we have paid a total of 84 claims for Child CI. These claims have included all ages from children under one to teenagers of 17. Thankfully the number of families having to make a claim like this remains relatively low. For those customers who have children diagnosed with cancer or another critical illness, a CI policy that extends to children can provide much needed financial assistance.
“While money cannot compensate for the suffering it can enable the family to concentrate more on supporting their child. Cancer diagnosis and treatment for a child can come with a hefty and unexpected financial burden. People often forget to consider the length of treatment, the need to take regular time off work, expensive parking at hospitals, travel costs and buying snacks and food in hospital.
These unplanned expenses are a financial pressure which just adds to an already difficult situation.”
Jacobs continues: “In these circumstances, the value of a CI policy that extends to children cannot be underestimated and most CI providers offer some level of cover for children. Many people might be unaware that their cover includes their children. I would urge anyone with a family to check their policy or speak to their adviser to make sure their children are covered too.”
Aegon’s CI policy includes two children’s definitions – children’s death benefit (£5,000) and children’s critical illness protection – which is the lower of 50% of the benefit amount or £25,000 and applicable to children (including stepchildren) up to age 18 (or 21 if in full-time education).
Financial protection needs to be reviewed when children come along. Here are some things to think about:
• How would you pay for childcare if you were unable to work due to a serious illness?
• Do you have protection?
• Does your CI protection policy extend to your children?
• Has your child been diagnosed with a serious illness recently? You might want to check your protection policies to see whether you can make a claim.
• For a full assessment of your protection needs, you should speak to a financial adviser.
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