asked the Minister for Industry, Trade, Commerce and Tourism the proposals if any, to change the legal requirement whereby life assurance companies are prohibited from insuring children under ten years of age; and if he will make a statement on the matter.
Written Answers. - Children's Life Assurance.
33.
There is no specific prohibition on the insuring of the lives of children under ten years of age but any parent or other person proposing such insurance must show an insurable interest. The Insurance Act, 1936, permits such insurance but limits the sum payable on the death of a child. The present limit is £20 in the case of a child under the age of five and £30 in the case of a child aged five years or more but less than ten years. I propose to increase these limits substantially in the forthcoming Insurance Bill; corresponding changes are proposed in friendly society legislation.