By purchasing Child Insurance, you can cover unexpected costs and changing circumstances that come with serious accidents or illnesses of children.
Child Insurance also protects the child from potential future income loss due to accidents or severe illnesses.
We recommend that all parents of children under the age of 16 purchase Child Insurance. The insurance costs only ISK 1,079 per month.
Child insurance is a combined insurance that protects the child from future loss of income, caused by accidents or serious illnesses, as well as helping parents who suffer loss of income and unforeseen costs, due to illnesses or death of their children.
What is covered? | What is not covered? |
|---|---|
| Future protection pays benefits to a child for: | Future protection does not cover: |
Medical disability due to an accident or disease. | Accidents not caused by a sudden and unexpected event. |
| Adaptive protection pays compensation to: | Adaptive protection does not cover: |
Compensation if a child ‘s accident or sickness leads to medically assessed disability. | Medical disability rated lower than 10%. |
| Care protection pays: | Care protection does not pay benefits: |
Benefit a child needs hospitalization or round the clock care at home. | If compensation have previously been paid due to accident or disease. |
Grant for medical surgery abroad. | For medical surgery performed in Iceland. |
| Critical illness protection pays benefits if the child is diagnosed with: | Critical illness protection does not pay benefits: |
Cancer. | For stage 0 cancer (cancer in situ). |
MS-Disease. | If neurological symptoms last less than six months. |
Diabetes 1. | If insulin treatment lasts for three months or less. |
Severe burns. | For burns less severe than 3 degrees. |
Cystic fibrosis. | Temporary lung disease. |
Arthritis. | Arthritis due to infection. |
AIDS due to injection accident. | Ulcerative colitis and Crohn‘s disease not diagnosed by a specialist. |
Ulcerative colitis (Colitis Ulcerosa). | Parasitic meningitis. |
Crohn‘s disease. | Benign tumour in pituitary gland |
Bacterial meningitis. | If the condition can be cured without organ transplant. |
Benign brain tumour | For reversible kidney failure. |
Major organ transplant | |
End-stage kidney failure | |
| Death benefits are paid if: | Death benefits are not paid for: |
A child dies while the insurance is in effect. | A disease showing symptoms before the Insurance took effect. |
The insurance does not cover children younger than one month old or over 20 years of age.
The insurance policy is valid anywhere in the world.
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
The insurance policy takes effect upon receipt of a written and complete application from you, provided it is approved. A written application also refers to an electronic application.
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, e.g. with an electronic signature, and will be valid immediately upon receipt.
Please note that the insurance does not cover accidents that occurred or illnesses diagnosed before its effective date, nor their consequences. It also excludes illnesses diagnosed within the first three months after it became effective.
If the insurance has been in effect for 2 years and the policyholder of the Child Insurance (under 65 years of age) passes away during the policy term, we will pay the premium, and the child remains insured until the age of 20.