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Raising children can be incredibly rewarding, but it can also be costly if your child suffers a critical illness or serious injury and needs some expensive health treatment. Child life insurance may be able to help you cover some of those out-of-pocket costs. You can compare deals from a panel of some of Australia’s top insurers with Savvy.
By comparing with us, you can get an immediate price estimate on a range of policies to help you compare all their most important factors, such as benefit limits, inclusions and exclusions and more. Get an obligation-free quote through Savvy today.
Child life insurance can be sold as an optional extra to a standard life insurance policy, often known as child cover. This type of rider policy is designed to help reduce financial stress on families by providing them with a lump sum payment in the event of their covered child's death, terminal illness diagnosis or trauma such as a critical illness or injury (subject to the policy’s terms and conditions).
Life insurance policies for children are designed very similarly to those for adults. Essentially, the parents of a child would pay a monthly or annual premium. Any payout for life cover is made upon your child's terminal illness diagnosis or death, provided it satisfies their eligibility criteria, and you can use the money to pay for anything from rehabilitation, funeral or extensive medical expenses.
The number of children you’re able to insure and the maximum benefit limit both individually and among your children will vary depending on who you purchase your policy with. However, the maximum coverage you can take out for your child is often much lower than for an adult, with amounts ranging from as little as $10,000 up to $200,000 (though some insurers may offer more financial coverage).
Age limits on these policies range from 18 to 21, with most policies ending once your child reaches your provider’s maximum age of eligibility. Many insurers will have the option to convert the policy into one for an adult once they pass this age limit.
Life is unpredictable, and sometimes sickness or injury may touch your family. Your life insurance provider may pay out a pre-agreed benefit amount for a range of life events (subject to eligibility, terms and conditions), such as:
Comparing offers with Savvy allows you to weigh up a whole range of factors to help you determine which protection is the most suitable for you and your little ones from our panel of leading insurers.
When you’re comparing with us, some of the factors you’ll need to take into consideration include:
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
Compare life insurance options aligned to your medical condition and profile and receive no-obligation quotes from some of Australia's leading insurers.
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.