Pondering over the value of children's insurance policies?
In the realm of financial planning for your child's future, one essential consideration is private accident insurance. This insurance offers protection against unforeseen accidents and their related expenses, ensuring peace of mind for parents. Here are some key factors to consider when making your choice:
Comprehensive Coverage
A good policy should include hospitalisation, surgeries, medications, and diagnostic tests to ensure all potential accident-related expenses are covered.
Critical Illness and Preventive Care
Consider plans that offer additional benefits such as coverage for critical illnesses and preventive care to enhance protection beyond just accidents.
Waiting Periods
Minimal waiting periods for specific illnesses or conditions are crucial, as they allow quick access to benefits after purchase.
Lifetime Renewability
Choose plans with lifetime renewability to provide continuous coverage as your child grows older, avoiding the need to buy new policies.
Flexibility
Look for plans that offer flexibility to add riders or enhance coverage as your child's health and accident risks evolve over time.
Cost Balance
Ensure affordability without compromising essential protection by considering the premium costs in relation to the coverage provided.
Future Considerations
Consideration of inflation and future education costs is important when selecting a coverage amount that will remain adequate for rising expenses in your child's life.
Premium Waiver Benefit
A premium waiver benefit that continues coverage without requiring premium payments in case of the policyholder's death secures your child's future.
Policy Understanding
Thoroughly read and understand the policy document to be aware of what is included and excluded, avoiding surprises later.
Professional Advice
Seek professional advice if needed to navigate the nuances of various policies and select the best fit for your child’s needs.
Experts advise against accident insurance with premium refund for children, as these contracts are poorly interest-bearing and inflexible. Instead, separate savings and risk protection.
In case of hospitalisation after an accident, the hospital and convalescence money is paid by the insurance. Parents must decide individually if accident insurance for children is necessary.
Accident insurance for children can cover damages from accidents that occur in leisure time and at home. You can have children covered by your own accident insurance, which can be the cheaper option, especially if you have several children.
Most insurers accept children from birth up to the age of 15 or 16 in accident insurance for children. The cost of accident insurance for a child varies depending on the provider, starting at around 30 € and going up to around 100 €.
Experts recommend an accident insurance with a disability sum of at least 150,000 € for children. If you choose an accident insurance with progression, the amount can exceed the total insured sum in case of partial or total disability of your child.
Insurers assign fixed percentages to the loss of certain senses or body parts for calculating the invalidity benefit. Insurers only recognize invalidity if a damage is permanent and confirmed by a doctor at least 15 months after the accident. The accident pension can be received in case your child is at least 50% disabled and will be paid for life.
Fractures are only insured by a few providers and experts recommend this for children's accident insurance. The benefits of accident insurance for children can include cost coverage for Rooming-In, necessary renovations, recovery costs, care by a rehabilitation manager, medical-therapeutic aids, cosmetic operations, and invalidity benefit.
A calculator is available to compare and find the best children's accident insurance. With the assistance services, you can take out an accident insurance for your child with various additional services like transport to doctors and authorities, 24-hour nursing hotline, day and night care for 48 hours, mediation of pet care.
Other science, such as medical science or preventive care, can be integrated into health-and-wellness plans that offer accident insurance for children. For instance, a comprehensive policy may include coverage for preventive check-ups and vaccinations.
In the realm of health-and-wellness, one could opt for insurance plans that offer benefits beyond accident-related expenses, extending to include treatment for critical illnesses or chronic conditions.
