When a child is seriously ill, although the NHS provides world-class medical care, often parents become a central part of the care team 24/7.
The annual policy sold by insurewithmax.com is regulated by the Financial Conduct Authority (FCA) and underwritten by an Au rated insurer (A.M. Best). Both insurewithmax.com and the insurer are covered by covered by The Financial Ombudsman’s Service and Financial Services Compensation Scheme (FSCS).
A parent can select a take home salary to be insured from £1,000 and up to a maximum of £5,000 per month. The actual premium will dependent on the amount of take home salary and the number and age of the children, subject to a minimum single premium £120 (incl. IPT) for a 12 month policy.
The product is launched on the back of extensive market research*. Nearly 59% of dual income parents felt one of them would need to give up work should a child become critically ill or suffer a serious accident.
ChildMax is for parents who are either employed, self-employed, a director or in a partnership. Following the child’s diagnosis, the parent can elect to take up to 12 month unpaid leave of absence from work at any time during the policy period, or in the following 10 months after the policy expires. For claim flexibility the parent can choose to return to work on a full-time, part-time or other flexible basis. Insurers will pay any shortfall between their take home salary and any lower earnings.
The policy covers both illness and medical conditions from accidents. The 7 medical conditions are: coma, traumatic brain injury, loss of a hand or foot, blindness, third-degree burns, deafness and paralysis of limbs. The 12 illnesses are: aplastic anaemia, benign brain tumour, bacterial meningitis, cancer, blindness, deafness, kidney failure, loss of a hand or foot, major organ transplant, multiple sclerosis, paralysis of limbs and stroke.
The creator of ChildMax, Max Robinson commented, “We intentionally kept premiums low to assist working families, because I not only witnessed my younger half-sister needing years of 24/7 care arising from a serious medical condition, but also I have seen how financially draining it is for a family to have a sick child. I want families to financially carry on as normal, while restoring their child’s health.”
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