Child Insurance makes it easier to meet unexpected costs and loss of income due to an illness or accident suffered by a child.
Child Insurance is for children aged one month to twenty years.
Child Insurance is a five-fold insurance for a child and his/her family. It includes:
- Future protection compensates for the future income loss of the child. In the event that an accident or illness leads to permanent disability, assessed 10% or more, compensation is paid into a restricted account which the child can access at the age of 18. The minimum compensation is ISK 1,080,000, and the maximum compensation is ISK 23,400,000.
- Trauma protection helps the family to adapt to circumstances as a result of an accident or illness. In the event that an accident or illness causes permanent disability, assessed 10% or more, compensation amounting to a maximum of ISK 4,000,000 is paid.
- Critical Illness protection is ISK 1,500,000 and is paid as a single payment if the child is diagnosed with any of the following conditions:
- MS (Multiple sclerosis)
- Diabetes (diabetes mellitus, type 1)
- Severe burns
- Cystic fibrosis
- AIDS due to accidental piercing
- Colitis Ulcerosa
- Crohn’s disease
- Bacterial Meningitis
- Care protection helps the family to meet loss of income and increased expenses if their child needs round-the-clock care in hospital for at least 60 days over a 120-day period. Half of the insurance amount is paid if the child needs round-the-clock care for at least 30 days and the rest is paid if the child needs care for 60 days. The compensation paid in such a case, ISK 250,000, is paid in a single payment.
- Death benefits amount to ISK 750,000.
Compensation may, in some cases, be paid from more than one section of the Child Insurance. Such compensation does not reduce compensation entitlements from other insurance policies. The insurance does not apply to illnesses or accidents that occur prior to the policy’s entry date or for illnesses that are diagnosed during the first three months after its entry into effect.
The child will be covered even if the policyholder dies. If the policyholder (under the age of 65) dies during the effective term of the insurance, we will pay the premium and the child will remain insured.
Sickness and accident insurance
Sickness and accident insurance covers you if you are unable to work, temporarily or permanently, due to sickness and/or accident. It also pays if an accident leads to death.
You can choose the cover you need as follows:
- Accidental death benefit
- Disability benefit in case of permanent disability due to accident
- Disability benefit in case of permanent disability due to sickness
- Weekly benefit in case of temporarily incapacity due to accident
- Weekly benefit in case of temporarily incapacity due to sickness.
Life and Critical Illness insurance for young people
Many people believe that the need for life and critical illness insurance is not necessary until people start a family. However, it is very common that young people have financial obligations early on, such as a student loan and a car loan. Life and critical illness insurance can substantially minimize financial effect on illness or loss of life.
You only pay 1.200* ISK and by doing so ensure future financial security for you and your loved ones.
- Life insurance of 5.000.000 ISK costs 500 ISK a month
- Critical Illness insurance of 3.000.000 ISK costs 700 ISK a month
*Additional cost is added to the amount due to payment distribution. If both insurances are purchased 70 ISK are added to the monthly payment.
Unit linked Life insurance
Savings life insurance
Savings life insurance combines the advantages of life insurance and regular savings. It gives you an opportunity to accumulate interest on your monthly savings with a secure party and at the same time it offers life insurance. By doing so you form financial security for the future.
How does Savings life insurance work?
When you buy savings life insurance you both save regularly and ensure that your loved ones receive a minimum payment if you pass away while the insurance agreement in valid. The diagram bellow shows the conjunction of life insurance and savings. Y-Axis represents amount, X-Axis represents duration of contract.
Life insurance amount
The blue line represents the life insurance amount, which the Savings life insurance pays the minimum to the beneficiaries if you pass away while the insurance agreement is valid Savings The red area represents the savings and shows how it can increase as the agreement goes on.
Changes to the Life insurance amount
The yellow area shows how the life insurance change as the savings increase.