Child Insurance
If a child becomes seriously ill, it can result in income loss and expenses for parents, as well as potentially affecting the child’s future earning capacity.
That’s why we recommend purchasing Child Insurance for your children. Child Insurance costs only ISK 1,079 per month, with a 10% discount for Stofn members and an additional 10% sibling discount.
You can apply for Child Insurance by opening the application and answering a single question about the child’s health.
Frequently Asked Questions
Information regarding the insurance
What type of insurance is this?
Child Insurance protects the child against potential future income loss caused by accidents or serious illnesses.
It also helps families manage unexpected expenses and income loss that may arise from a child’s serious illness, accident, or death.
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. |
| Trauma protection pays benefits to legal guardian for: | Trauma protection does not cover: |
Medical disability due to an accident or disease. | Medical disability rated lower than 10%. |
| Care protection pays benefits: | Care protection does not pay benefits: |
If a child needs hospitalisation or round the clock care at home. | If compensation have previously been paid due to accident or disease. |
| 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. | |
Bacterial meningitis. | |
| 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. |
Any limitations on what the insurance covers?
The insurance does not cover children younger than one month old or over 20 years of age.
Where is the insurance valid?
The insurance policy is valid anywhere in the world.
What responsibilities do I have?
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.
When and how do I pay the premium?
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.
When does the insurance start and when does it end?
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.
How do I cancel the insurance?
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.