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 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 maximum compensation is 250.000 ISK after 30 days of hospital admission and 250.000 ISK after 60 days of hospital admission. Total of 500.000 ISK.
- 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.