Insurance for Family Protection Now Available

Insurance is now available to help protect Illinois families from financial loss if a loved one is the victim of one of four criminal activities.

The Chubb Group of Insurance Companies is now offering Masterpiece® Family Protection(SM), which helps to cover a variety range of expenses if the policyholder or a covered relative is the victim of a home invasion, child abduction, car jacking or stalking threat that occurs almost anywhere in the world. This first-of-its-kind insurance product is currently open to Chubb’s personal insurance customers in Illinois as well as Colorado, Connecticut and Massachusetts.

The insurance reimburses the policyholder up to specified limits for a variety of expenses, including fees for medical and psychiatric services, reimbursement for lost wages, fees for professional security consultants and security guards, and the cost of recuperation, improving household security and temporarily relocating one’s residence. The policy also offers a reward for information leading to the arrest and conviction of the responsible party. An accidental death and dismemberment benefit up to $250,000 applies in Connecticut, Illinois and Massachusetts. Covered relatives include one’s spouse, children, grandchildren, parents, grandparents, siblings and their children. There are plans to take the program nationwide over the next year.

According to the U.S. Department of Justice, some 1.3 million cases of forcible or unlawful entry of residences, 1.4 million stalkings, 50,000 car jackings and between 3,200 and 4,600 non-family-related child abductions take place each year.

A recent nationwide survey of more than 300 people conducted by Impulse Research of Los Angeles concludes that families feel that home invasion, child abduction, car jacking and stalking represent considerable threats.

Nearly two-thirds of Americans (62 percent) worry that their child may be abducted, 58 percent are concerned about car jacking and 46 percent fear that they may be stalked. In addition to the emotional issues, 78 percent of those surveyed said the expenses associated with being a victim of one of these crimes could seriously affect their finances.

According to the survey, the average cost of responding to an incident of stalking, car jacking, child abduction or home invasion is $38,000. Nine percent of respondents estimated it would cost more than $100,000.

Families are beginning to address the need for financial protection against these crimes by purchasing Masterpiece Family Protection, according to agents offering the product in the four states.

Topics Auto Illinois