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New insurance product for working parents launches

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Working parents will be able to buy insurance to protect themselves from having to take unpaid leave to care for a sick child from tomorrow.

ChildMax is being launched by, whose creator Max Robinson came up with the idea after witnessing the financial strain put upon his own family when his own sister fell ill.

The firm’s research found 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 ChildMax policy will enable parents who are either employed, self-employed, a director or in a partnership to 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 depend on the amount of take home salary and the number and age of the children, subject to a minimum single premium £120 for a 12 month policy.

Robinson said: “We intentionally kept premiums low to assist working families, because I not only witnessed my younger half-sister needing years of 24/7 care arising from a serious medical condition, but also I have seen how financially draining it is for a family to have a sick child. I want families to financially carry on as normal, while restoring their child’s health.”

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