MetLife UK has launched ChildShield – a standalone product that supports families in the event their children have an accident or become seriously ill.
The insurer said the product has been designed in consultation with financial advisers and customers to complement traditional protection products, enhancing family cover and helping to close the protection gap.
It covers all children in the family up to 23 years old – including stepchildren and children who no longer live within the same household – and there is no limit to the number of claims that can be made.
Costing from £6 per month, ChildShield provides financial protection should parents need it, such as having to take time off work to care for their children.
It covers a range of accidents and illnesses; from a 24 hour stay in hospital or a broken bone, up to a cancer diagnosis or selected serious illnesses.
Parents can choose from two levels of cover – Standard or Plus. The coverage is the same, except ChildShield Plus pays double the benefit, at less than twice the cost.
In addition to financial support, policyholders will benefit from MetLife’s Virtual GP (GP24) offering and will also have full access to its Wellbeing Hub.
A phased launch of the product starts today initially with a select group of 10 distributors ahead. It will made more widely available to the protection market by the end of the year.
“Our research shows there is a real gap in the market for ChildShield and at a time when many households are struggling financially, this provides highly affordable and valuable cover, which is very simple to take out.
“No parent wants to think about our children having accidents or being ill, but the reality is that despite our best efforts, accidents do happen. And when children suffer something serious, we want parents to focus on being there in the moment your child needs you – not worrying about the financial impact.
“That’s why we have launched ChildShield. It offers flexible, affordable, peace of mind for modern family life.”
“At MetLife we pride ourselves on how quickly we pay out to customers. We typically pay 90% of claims within five working days, which means our customers can focus on being there for their children during what is undoubtably already an unsettling and stressful time.”
Ahead of the launch, Debbie Kennedy, CEO at LifeSearch, one of the launch distributors said: “With ChildShield, MetLife has designed a product that truly meets the real need of families.
“They have recognised that being able to support your child either for sickness or accident is a moment that matters.
“What I love about ChildShield is that it goes beyond the aches and breaks that children will suffer and provides mental health and wellbeing support 24/7, all year round. It’s accessible and available in the moment; products like these will bring new customers to protection.”