As someone who has suffered childhood Cancer myself, I often wonder how I’d cope if one of my own children fell ill. How would I cope financially if I wasn’t able to work? This post, written by Max Robinson, head of ChildMax addresses that exact issue:
From the equivalent of 33p a day insurance that replaces take home salary in event of a working parents’ child being critically ill or having a serious accident your children will remain healthy. But what if they don’t? Along with the NHS, you will be part of the 24:7 care team.
But who is going to pay your bills if you have to stop working?
This question was faced by Max Robinson’s father when their family was turned upside down. Max’s half-sister needed years of care, as she was born with a rare medical condition which meant Max’s father and step mother had to curtail their employment. Max’s father became the full time carer and his step mother became the wage earner. Even with state benefits, they had less money.
While attending various hospitals, they met other families suffering financial difficulties from the consequences of a child’s illness.
Max believed that he could build a cost effective easy to understand insurance product for working families. Max had worked in the insurance industry for 28 years and carried out in-depth market research. He found that half of the parents felt that they would need to give up work should one of their children become ill or suffer a serious accident.
ChildMax is an innovative solution offered by www.insurewithmax.com, for working parents who are employed, self-employed or a company director. The policy will cover children, either natural, step or adopted from 3 months to 18 years old. A parent can insure their take home salary from £1,000 and up to a maximum of £5,000 per month. The actual premium will depend on the amount of take home salary and the number and age of the children, subject to a minimum of £120 (incl IPT) for a 12month policy. Being an annual policy parents are not tied in for year, as they can adjust the cover at each renewal to suit their circumstances.
Following the child’s diagnosis, the insurer will pay the parents’ take home salary within 30 days of the claim being agreed, allowing the parent to take a 12-month unpaid leave of absence during the policy period; or in the following 10 months after the policy expires. For claim flexibility, if the parent needed to return to work on a full-time, part-time or other flexible basis, the insurer will pay any shortfall between their insured take home salary and any lower earnings.
The policy covers 7 medical conditions: coma, traumatic brain injury, loss of a hand or foot, blindness, third- degree burns, deafness and paralysis of limbs. It also covers 12 child illnesses: aplastic anaemia, benign brain tumor, bacterial meningitis, cancer, blindness, deafness, kidney failure, loss of a hand or foot, major organ transplant, multiple sclerosis, paralysis of limbs and stroke.
The sale of ChildMax is regulated by the FCA (Financial Conduct Authority).
For more information, visit www.insurewithmax.com or telephone the UK team on 0333 323 0098.