Can I purchase child life insurance through my super fund?

Most super funds will only allow you to purchase a policy for yourself. However, they may give you the option of family life insurance which allows you to roll your children into your existing policy. While a family life insurance policy can streamline your premium payments and be cheaper than taking out individual policies, certain providers have waiting periods of up to six months on their products. It’s also important to ensure you receive the coverage you need under this type of policy, so comparing is crucial.

How do I make a claim on my child's life insurance?

Making a claim on your child’s life insurance policy is usually no different to the way you or your family would claim under your own policy. It usually involves completing a claims form and providing documents such as medical reports, receipts for expenses or a death certificate. Once you’ve submitted your claim, it can take anywhere from a few days to a few weeks for a claim to be processed.

Do I have the option to take out a term or whole life policy for my child?

No – whole life policies haven’t been available in Australia for many years. This means your child's life insurance policy will be valid until they reach the cut-off age set in place under the life insurance policy.

Can I get coverage for more than one child?

Yes – many life insurance companies allow multiple children to be covered under one policy, including some who may let you add up to ten children. In most cases, your insurer will provide the same cover for each child insured under the policy.

Should I opt for the cheapest child life insurance policy?

The cost of a policy or added coverage shouldn’t be the only factor you consider when comparing options, as the cheapest life insurance coverage for your child may not always be the most suited to their needs or those of your family. It’s crucial to strike a balance between cost and coverage when choosing any kind of life insurance.

Can I make my child the beneficiary of my life insurance policy?

Yes – you can name a child of any age as the beneficiary of your life insurance. In most cases, they won’t be able to access the funds until they turn 18. If you die before your child turns 18, the payout funds are often left in the hands of a legal guardian or trustee until the child is old enough to receive the money.