Child accident insurance is a voluntary policy. Despite its non-mandatory nature, most educational institutions require insurance for their pupils. However, many parents are wondering about taking out an additional individual policy. Is this necessary and cost-effective? We explain.
The child’s standard accident insurance is usually taken out in the form of a group policy. In such a case, the party to the agreement is the school (the policyholder), and the students are the insured, for whose account the agreement is concluded.
School insurance is not always enough.
The insurance taken out by the school is characterised by an affordable price. The annual contribution may amount to only a few dozen USD – to the satisfaction of most parents. The problem is that the price of an accident insurance policy always goes hand in hand with a narrow coverage and a low insurance sum. The result? Low damages or compensation only in a few specific cases.
Why is an individual policy better than a school policy?
In the case of an individual child insurance policy, it is the parents who decide about all its parameters. They decide for themselves on the insurance company, the scope of cover and the sum insured. Therefore, such a policy is much more helpful in the case of unexpected random events.
For example, under the “Safe student, safe parent” insurance policy, a company pays compensation if there is a serious health detriment due to an accident, heart attack, fainting, or intracranial haemorrhage. In addition, the policy includes a home visit by the doctor, rehabilitation, delivery of medicines and even individual lessons at home.
It is worth noting that an individual insurance policy applies not only on the way to school or from school to home. The insurer may pay compensation if an event occurs, e.g. during education, during extracurricular activities or during sporting activities – not only during the school year, but also during holidays.
There are at least a few reasons why it is worth considering additional insurance cover. An individual child insurance policy has a big advantage over group insurance. Its most important distinguishing features are:
a better matched coverage of the insurance,
possibility of obtaining compensation even in the period free from school (e.g. on holidays),
Higher sum insured.
If parents do not wish to withdraw from the school’s insurance policy, let them think about increasing insurance cover. There is nothing to stop you from taking out extra insurance for your child – one that is better adapted to your needs and expectations, and even… the temperament of consolation. Sometimes a moment of inattention is enough for an unexpected random event to occur. Therefore, it is worth thinking about an appropriately selected policy – so that the amount of compensation will allow to cover the costs of treatment and return of the child to full capacity.