Friday, 26 February 2016

For my father – a legacy for my step-sister

Girl playing Doctor from Shutterstock

Ground breaking low cost annual insurance for working parents to protect their salary in the advent of a child getting sick or injured.

For 12 years Max Robinson’s father, cared for his sick daughter.  His father, Malcolm, divorced and re-married and started a second family. Malcolm’s first daughter’s birth and life were straightforward. He was not expecting problems, but his second daughter showed just how much can go wrong in a child’s life.

During the years of treatment father and son witnessed other parents, whose lives had been torn apart by the consequences of a child’s illness and a reduced capacity to earn money.

Max, a professionally qualified insurance practitioner had 29 years’ experience covering many different roles. His experience gave him the confidence to develop a new insurance product for working families.

In 2015, as a pledge to his father Max formed insurewithmax.com to develop ChildMax. A ground breaking annual insurance that protects working parents’ take home salary in the event that they take an unpaid leave of absence from their employment in order to care for their child following a diagnosis of a specified medical condition caused by an accident or, a specified illness.

Unlike life products, working parents aren’t tied in for many years; ChildMax is clear, simple annual insurance offered through www.insurewithmax.com for parents who are either employed, self-employed, a director or in a partnership.

Following the child’s diagnosis, the parent can elect to take up to 12 month unpaid leave of absence from work at any time during the policy period, or in the following 10 months after the policy expires. For claim flexibility the parent can choose to return on a full-time, part-time or other flexible basis. Insurers will pay any shortfall between their take home salary and any lower earnings.

The product is launched on the back of extensive market research. Nearly 59% of dual income parents felt one of them would need to give up work should a child become critically ill or suffer a serious accident.

The policy covers both illness and medical conditions from accidents. The 7 medical conditions are: coma, traumatic brain injury, loss of a hand or foot, blindness, third-degree burns, deafness and paralysis of limbs. The 12 illnesses are: aplastic anaemia, benign brain tumour, bacterial meningitis, cancer, blindness, deafness, kidney failure, loss of a hand or foot, major organ transplant, multiple sclerosis, paralysis of limbs and stroke.

The policy will insure either natural (biological), step (by marriage) or adopted child from 3 months to 18 years old. A parent can select a take home salary to be insured from £1,000 and up to a maximum of £5,000 per month. The actual premium will be dependent on the amount of take home salary and the number and age of the children, subject to a minimum single premium £120 (incl. IPT) for a 12 month policy.

The annual policy sold by insurewithmax.com is regulated by the Financial Conduct Authority giving parents piece of mind.

Parents wishing to cover their children should visit www.insurewithmax.com or telephone the UK customer service team on 0333 323 0098.


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