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What you need to know about child insurance
According to statistics, more than two and a half million accidents occur in Ukraine every year, and children are at risk. The most common injuries are bruises, fractures, and hypothermia. From birth to adulthood, parents strive to provide their children with quality medical care. Various children's insurance programmes help to reduce expenses in the event of injury or illness and provide a financial basis for entering adulthood.
Accident insurance
Children get injured at school, during street walks, and less often at home. Accident insurance programmes are policies under which the insurer pays compensation upon the occurrence of an insured event.
The basic set of risks may differ from one insurance company (IC) to another, but usually includes the following options
- traumatic injuries to organs and tissues;
- frostbite, overheating, hypothermia;
- burns;
- bites of snakes, insects and animals;
- falls from a height;
- heat strokes;
- electric shocks;
- suffocation due to a foreign body entering the respiratory tract;
- illegal actions of third parties.
The insurance policy protects against the listed insured events at school, on holiday, in optional classes, in health camps, around the clock during the period specified in the contract. The policy is usually purchased for a year and is valid throughout the country. Territorial exclusions, if any, are specified.
Parents, teachers, and sports coaches can sign the contract. The person signing the agreement is called the "Insured". Children aged 5-18 years are insured.
The amount of indemnity is determined in accordance with the nature of the traumatic injury. The maximum payout is equal to the selected sum insured. Some insurers offer to conclude a group contract with a list of insured: a whole class of children, a school parallel. Such policies are cheaper, but less adapted to the personal requirements of parents.
Accident insurance can be a supplement to health insurance or a separate product, where a sudden short-term event resulting in disability is considered insured.
Voluntary health insurance (VHI) for children
A VHI policy for a child is purchased to pay for the services of a medical institution, treatment-related expenses, and medicines. Insurance companies group VHI programmes by the age of the child. The most expensive policies are for children from birth to three years of age, while rates for adolescents are close to adult rates.
Adults seek medical care in emergency situations. Children, on average, only get colds 3-5 times a year. The cost of medical services and medicines is growing from year to year. Children's health insurance policy provides:
- services in the best clinics at the place of residence;
- Newborn care;
- Scheduled medical examinations and vaccinations;
- quality control of treatment and diagnostics, expert advice on choosing the best specialists from the insurer;
- organisation of delivery of medicines;
- support by a trusted doctor;
- emergency care, hospitalisation, and outpatient treatment.
The set of VHI options may differ from one insurance company to another. The cost of the programmes depends on the list of risks, the age of the child, and the level of clinics providing the service. When choosing a policy, it is advisable to assess whether the sum insured is sufficient for your family. Even perfectly healthy children need to undergo annual tests and visit specialised doctors. It is advisable that the amount covers these expenses by 100%.
Not all parents can afford to buy health insurance on their own. One of the ways to save money is to include children in a corporate VHI policy, concluding one contract with relatives, acquaintances of 10 or more people.
Endowment insurance programmes
Endowment insurance for children is a type of capital accumulation up to a certain amount. The funds are used for education, partial housing solutions, buying a first car, starting a business and other needs of children who have reached the age of majority.
The policyholder can be any legally capable citizen, and the insured person can be a child from birth to 18 years of age who is appointed as the beneficiary under the contract.
The insured event is the death of the insured person for any reason that occurs during the policy period. The policyholder receives payment of the premiums actually paid at the time of the event. Some insurance companies add to this amount additional investment income, i.e. the profit earned by the policyholder from the placement of reserve funds.
The second variant of the insured event is the survival of the insured person until the end of the policy term. The payout includes the full sum insured and additional investment income.
Some ICs include in the risks the temporary disability of the insured person due to an accident that occurred during the term of the contract, disability of the first, second, and third groups.
Endowment insurance for children makes it possible to create an initial capital for a certain event in the child's life and to choose the appropriate sum insured.
What does insurance protect against
Children's health is priceless. There is no need to save on it, but it is worth carefully considering the offers of leading insurance companies, choosing services that will be beneficial and necessary for a particular family. A VHI policy with an optimal set of options reduces medical expenses and guarantees quality treatment. Accident insurance will reimburse unforeseen expenses in the event of traumatic events. The accumulative insurance programme provides a solid financial start.
