The Life Insurance Market
Payouts on children's critical illness cover claims are widespread, but the product itself has plenty of room for improvement, according to an expert.
Scottish Provident's Jennifer Gilchrist indicates that the firm only makes more payouts for heart attacks, strokes, cancer and MS, but it is hard to build the critical illness cover product for children as it relies on parents considering the health of their offspring.
She believes that "maybe when protection cover is viewed as a necessity, rather than nice to have, we will see the [£2.4tn] protection gap contracting," although she does point to how useful the product is at present.
Critical illness cover for children can allow parents to take time off work to look after them, pay for some private treatments which aren’t available on the NHS or provide a break for the whole family.
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