Cirencester Friendly has added children’s critical illness insurance cover to its Income Protection (IP) products for new and existing members.
The benefit pays a fixed lump sum of £2,500 if a child under age 21 is diagnosed with one of ten critical illnesses. The ten are serious cancer; open-heart surgery; traumatic brain injury; benign brain tumour; bacterial meningitis; kidney failure; heart valve repair or replacement; loss of hand or foot; major organ transplant, and third degree burns.
The child must survive for 14 days after diagnosis and there is no extra premium charged for the benefit. Only one claim per member may be made, and the benefit is payable until retirement or the IP contract ceases. Pre-existing conditions are excluded.
When claiming for Children’s Critical Illness Support, customers can also apply to the society’s 125 Foundation for a financial grant. This could help ease the financial burdens of modifications to the home or the purchase of mobility aids for example.
Comment: This is a useful free add-on for any parent who has a Cirencester IP plan. The benefit paid out is small, but will nevertheless be valuable to any parent whose child suffers one of the listed conditions.
In contrast to most full CI policies, this benefit does not pay out on stroke or heart attack, although it does pay on both cancer and on benign brain tumours, plus on eight other conditions.
It costs nothing to add although, being a discretionary benefit, Cirencester could withdraw the benefit at any time.
If a claim is made, the parent could also apply for a grant to the society’s 125 Foundation. This is discretionary and so should not be relied on to increase the value of the CI benefit. The Not so plus points list is quite long but hey, it’s free and, while not an alternative to full CI cover, is nevertheless a useful peace of mind benefit for parents.
Plus points: Free children’s CI cover for members; Pays on diagnosis of one of ten listed condition Customers can also apply to the 125 Foundation for a grant if a claim is made.
Not so plus points: The benefit could be withdrawn at any time; 14 day survival period; Relatively low benefit; Does not pay out on strokes or heart attacks .
Rating (max 10): Overall: 8. Gold
Tags: IP; Cirencester Friendly
I Mark: No