Legal & General (L&G) has introduced a more extensive paid-for-option, Children’s Critical Illness Extra (CCIx) in the UK
CCIx is an optional add-on for which the firm will pay 50% of the amount of cover, or up to £25,000 for a valid claim.
The new option provides coverage to children right from their birth to the age of 22. There is, however, no restrictionto the number of children a parent can claim for.
Legal & General director for intermediary Craig Brown said: “Dealing with a critical illness is extremely challenging for anyone, but when it is a child, this makes it particularly distressing.
“The UK still suffers from a significant protection gap and there is a serious risk of leaving children exposed and parents vulnerable to financial difficulty if either suffers from a critical illness.”
Besides the benefits provided under Children’s Critical Illness Cover, CCIx includes a new terminal illness benefit that provides cover of £10,000 in case the child is diagnosed with an advanced or rapidly growing incurable condition, wherein the child has a life expectancy of less than one year.
A total of 12 more illnesses have been coveredunder the new option. These include as cystic fibrosis, crohn’s disease, spina bifida, downs syndrome and type-one diabetes.
Meanwhile, the insurer has enhanced the standard Children’s Critical Illness Coverunder which insurance will be provided to children from 30 days while the maximum age limit has been increased from 18 to 22. The company has also decreased survival period from 14 to 10 days while child funeral benefit has been increased from £4,000 to £5,000.