Child insurance. for a secure start to life

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1 Child insurance for a secure start to life

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3 Extra security for you and your child Children climb, run, bike and play. Inevitably this leads to a few scrapes and sores, but sometimes more serious accidents can happen. Moreover, there are a number of illnesses that can lead to permanent problems. An illness is one of the most common causes for a child becoming severely injured. Skandia Child Insurance gives you and your child the security you need if something were to happen. Why you need real" child insurance While in day care and at school, children in Sweden are insured through municipal insurance. However, this insurance is often not valid during free time, and when it is, it covers only injuries caused by an accident, not an illness. Nor is the protection from this general insurance always adequate if something were to happen, so it would be you as a parent who would bear the greatest burden. Maybe you would have to reduce your work time to be able to care for your injured child this could require expensive medical devices, or perhaps you would need to make special modifications to your home. If due to an illness or accidental injury your child never makes it out to the job market later in life, the public safety net is very poor. The disability benefit or socalled activity benefit from the national insurance system would be very low, since your child never had any income. Nor is there any insurance available for this from your employer. Skandia Child Insurance Skandia Child Insurance gives you extra security if something were to happen. It pays compensation for costs incurred in connection with minor accidents, but also for major costs that could jeopardise your entire family s finances. The various components of the insurance are shown on page 4. You can purchase child insurance at any time directly after birth or while your child is growing up (until his or her 18th birthday). When the insurance expires, at 30 years of age, your child will then be able to purchase life assurance and adult accident insurance without requirement for a health examination. How much does it cost? For just over SEK 100 a month, you can obtain good child insurance cover from Skandia. You can choose a basic benefit for medical invalidity from SEK 600,000 to SEK 1,800,000. The table at right shows the annual premium for children and youths up to 25 years of age. When deciding you should keep in mind how much insurance protection your child has in general. The insurance amount is inflation-protected in parity with the consumer price index during the entire insurance period. Basic benefit for medical Annual Monthly invalidiy premium premium 600,000 1, ,000 1, ,200,000 1, ,500,000 1, ,800,000 1, Apply now save up to SEK 888! When you purchase Skandia Child Insurance, you pay only half of the premium for the first year. Depending on the level of benefit you choose, you could save up to SEK 888! This discount applies if you purchase the insurance before your child turns 10 years of age. 3

4 This is what the insurance provides Compensation for loss of income If your child, as an adult, suffers from an incapacity for work by at least one-half as the result of an accidental injury or illness, a monthly benefit will be payable after a three-month qualifying period. For a 100 % incapacity for work, the benefit is SEK 4,000/month. The benefit is payable from 18 years of age at the earliest and as long as the incapacity for work exists, but not later than 65 years of age. Invalidity benefit If your child were to suffer from an invalidity as a result of an accidental injury or illness, a benefit would be payable in relation to the degree of invalidity, i.e., the degree of the functional impairment. The basic benefit is shown in the table on page 3, and the benefit is calculated as follows: Degree of Benefit is invalidity calculated as 0 19 % Degree of invalidity x basic benefit % Degree of invalidity x basic benefit x % Degree of invalidity x basic benefit x % Degree of invalidity x basic benefit x % Degree of invalidity x basic benefit x 3 Example: If your child suffers from an injury that results in a 50 % degree of invalidity and you have chosen a basic benefit of SEK 1,200,000, the benefit would amount to 50 % of the basic benefit multiplied by 2.5. The benefit would thus be SEK 1.5 million. Compensation for scarrin The insurance pays compensation for disfiguring scars or other disfigurement resulting from an accident or illness. Death benefit Of course, no amount of money can ever compensate for the loss of a child; nevertheless, the insurance pays a lumpsum death benefit of SEK 50,000. This is to cover any costs for burial, etc. One-time expense allowance Costs for rehabilitation (medical devices) or home modifications will be reimbursed if they amount to at least SEK 4,000. The allowance for one and the same illness or accident claim is limited to SEK 220,000. 4

5 Periodic expense allowance For a child who requires extra supervision or care as a result of an accidental injury or illness, the social insurance office (Försäkringskassan) can grant a care subsidy. If you, as the guardian, are granted full child care allowance (vårdbidrag), you can also receive an annual benefit of SEK 81,000 from Skandia Child Insurance. This benefit is payable as long as you are receiving the child care allowance (until the child turns 18). For half or onefourth child care allowance, the benefit would be one-half or one-fourth. Hospitalisation benefit Should your child (up until 18 years of age) require hospitalisation, a benefit of SEK 500 per day is payable from the first day up until one year. Home-care benefit If your child has been hospitalised and, in connection with this, you need to provide care at home, a benefit of SEK 410 per day is payable for a maximum of 30 days. A precondition is that the combined time under your care amounts to 14 days. Applies for children up to 16 years of age. Emer ency care benefit If your child (up to 18 years of age) is admitted to hospital and must spend the night, a one-time benefit of SEK 600 is payable. Financial first aid Certain illnesses and accidental injuries are so serious that as a parent you don t even want to think about it. With Skandia Child Insurance, a lump-sum benefit of SEK 125,000 is payable if your child receives any of the following diagnoses: Malignant tumour (also leukaemia) and craniopharyngioma MS Children s rheumatism (before turning 16 years of age) Serious brain injury caused by accident Severe spinal cord injury resulting in paralysis or difficulty urinating Costs for accidental injury In connection with an accident, costs can arise for care and treatment by a doctor or dentist. In addition, travel is often required in connection with treatments. Within five years from an accident, the insurance pays compensation for necessary and reasonable costs within the Nordic countries with no deductible whatsoever. Waiver of premium Should any of the child s guardians (providers) die before the child turns 18, the premium for Skandia Child Insurance will be waived until the child turns 18. Extension insurance Skandia Child Insurance expires when the insured turns 30; at such time the insured, as a grown-up, can purchase life assurance and adult accident insurance without any requirement for a health declaration. 5

6 If you want even better protection 24-Hour Nurse When children are ill, it s natural to want to quickly find out what s wrong and whether you should see a doctor. For such situations, you can purchase supplemental insurance that gives you access to Skandia s healthcare hotline, where you receive professional advice from an experienced registered nurse. Answer times are usually less than a minute. Skandia s 24-Hour Nurse" supplemental insurance costs SEK 315/year or SEK 28/ month and can be purchased at any time. Con enital diseases Certain diseases are congenital, but perhaps may not become apparent until later in life. Examples include DAMP, autism, and ADHD. Such congenital conditions are not covered by Skandia Child Insurance, however, you can purchase supplemental cover for these. If your child has such a congenital condition and the guardian qualifies for child care allowance from Försäkringskassan, a lump-sum benefit of SEK 120,000 is payable. The price for Skandia s Congenital diseases" supplement is SEK 499/year, or SEK 44/month. It must be purchased before the child is six months old and is valid until the child turns 12. The supplement becomes invalid once a benefit has been paid. Good to know The insurance does not cover costs incurred outside of the Nordic countries. The insurance is not always valid for consequences of conditions or a predisposition that existed from the first month of age. Nor is the insurance valid for certain illnesses listed in the terms and conditions or for illnesses for which symptoms were present before the insurance came into force. If the insurance is purchased after the child turns 10 years of age, it is not valid for illnesses that show symptoms within 6 months from the date the insurance came into force, nor for mental disorders whatsoever. The insurance is not always valid for stays outside of the Nordic countries in excess of two years. Nor is it valid for stays in areas experiencing a state of war or war-like political disturbances. After 18 years of age, the insurance is not valid for injuries resulting from abuse of alcohol or narcotics. For children born outside of the Nordic countries, the insurance cannot be purchased until the child has resided in Sweden for a certain length of time. Complete terms and conditions are available at skandia.se. You can also call

7 Important information about Child Insurance Insurance period The insurance is valid for one year at a time and is renewed automatically unless cancelled. However, once the insured turns 30, the insurance cannot be renewed. Skandia does not have the right to cancel the insurance if the insured s health condition has worsened during the insurance period. The 24-Hour Nurse supplemental insurance cover is valid for one month at a time and can be cancelled with a onemonth notice period. Indexin The insurance amounts and premiums described above are stated in Swedish kronor (SEK). The premiums and insurance amounts, except those for hospitalisation, home care benefit, emergency care benefit and financial first aid are indexed yearly in pace with the change in the Price Base Amount, starting one year after the insurance was contracted. The indexing works in the same way for the "Congenital diseases" supplemental cover. Terms and conditions Complete terms and conditions are available at skandia.se. You can also call Applicable law The insurance is governed by Swedish law. Skandia operates under the supervision of the Swedish Financial Supervisory Authority. If you chan e your mind If you are not satisfied with your insurance purchase, you have the right to change your mind. If you notify Skandia within 30 days from receiving your insurance statement of policy, the contract can be terminated immediately and you can receive repayment or your paid-in premium. If you want to exercise this cancellation right, contact Skandia Customer Service, tel , or write to Skandia. The address is included in your insurance documents. If at some time in the future you no longer want the insurance, you can cancel it or stop paying the premiums. If you are not satisfied with Skandia s decision If you feel that Skandia has acted wrongly on your case, it is important that you contact us as soon as possible to express your views. You can contact Skandia s Customer Ombudsman, which has an independent and impartial position with respect to Skandia s organisation. The Customer Ombudsman can also inform you if a particular insurance dispute can be taken up for consideration by the National Board for Consumer Complaints (Allmänna reklamationsnämnden ARN) or the Personal Insurance Board (Personförsäkringsnämnden). Unresolved disputes may be resolved by a general court of law. If you have legal protection insurance, which is often included in home insurance, you can often receive compensation for your attorney costs. Health declaration Certain diseases and disabilities may entail that the insurance cannot be granted with normal terms and conditions. In exceptional cases, it may entail that the insurance cannot be granted at all. For this reason, we request that you provide certain information about your child s health when you apply for Skandia Child Insurance. It is important that you fill in the health declaration carefully and that the questions in the health declaration as well as any complementary information in connection with the application are answered thoroughly and truthfully in your own handwriting. False or incomplete information could render the insurance invalid. If you need more space, you can use a loose sheet of paper. Don t forget to sign the application. 7

8 Skandia Stockholm T skandia.se 20089:9_eng (april 2012) / CITAT Information on the handlin of personal data Personal data provided to Skandia Liv, which is the party responsible for handling personal data, will be used by the company and other companies in the Skandia group to enable the companies to honour contracts entered into or obligations prescribed by law or other statutes. Data is normally obtained directly from the registered parties, however, it may also be obtained from employers or other parties. This data may be updated through external registers, such as Spar. The data may also be used for market analyses, statistics and to evaluate products and services. Further, such data may be used to inform about the Skandia group s products and services, with the restrictions prescribed by agreements. Personal data may be provided for the aforementioned purposes to companies in the Skandia group and other companies that the Skandia group co-operates with in countries both in and outside of the EU and EEA. Persons who do not wish to receive addressed offers can contact the company s customer service centre and request an advertising block. In its handling of personal data, the Skandia group will take great care to protect the personal integrity of the individual concerned. Data will be made available only to persons who need to have access to such data to be able to perform their duties on behalf of the Skandia group. These persons will only have access to the information to the extent needed to enable them to perform their duties. The company may record or in some other manner document individuals communication with the company. According to the Personal Data Act (Personuppgiftslagen (1998:204)), every registered person has the right to receive information about and corrections made to personal data that is registered. Such requests are to be made in writing to Skandia, Stockholm. Mark the envelope Information om personuppgifter ( Information on personal data ). Livförsäkringsaktiebolaget Skandia (publ) Registered office: Stockholm Reg.no.: