Protection plans to secure your child’s future
We want the best for our children. Whether he is still in swaddling blankets, tearing the house apart, or topping the class at school, your child may benefit from comprehensive preparation and protection.
Being prepared right from the start
As you prepare to receive your little one, you can start protecting him or her from the unexpected complications that life may bring. Maternity insurance covers mother and child for hospital and surgical expenses during and after delivery, in the event of complications and congenital conditions. Such a plan can also be bundled with a life insurance component that insures your child for terminal illness, total and permanent disability and death.
It is also essential to ensure that you are covered adequately first.
Life insurance pays out a lump sum to your loved ones in the event of Death or Terminal Illness diagnosis of the life insured. This helps to cover outstanding liabilities such as your mortgage loan and ensures that your loved ones still have a roof over their heads and not have to worry about paying off the mortgage loan.
Having Total Permanent Disability and Critical Illness coverage are equally important. In the event of diagnosis of any of the covered illnesses, the payout will help to finance your medical expenses for recovery and the daily living expenses for you and your family as you will probably be unable to continue working and generate income for a period.
When determining how much total coverage is enough, you should consider your current outstanding liabilities including mortgage loan, car loans, credit card bills as well as your current household expenses. Considering future goals such as saving up for your child’s education, helps you determine the additional coverage required should something unfortunate happen and you lose your income.
Safeguarding your little ones as they grow up
We can’t wrap our babies in a protective cocoon at all times, so one can consider buying healthcare insurance plans to help with expenses when the little ones fall ill. New-borns are automatically covered under Medisave – those born on or after 1 January 2015 have S$ 4,000 in their Medisave accounts, which is S$ 1,000 more than those born earlier. This may be used to pay for the child’s medical expenses, including vaccinations, hospitalisation and MediShield Life premiums. New-borns are also covered under MediShield to pay for treatment of congenital and neonatal conditions. For added coverage, there are Medisave-approved plans from private insurance companies that cover hospitalisation and surgical expenses at private hospitals, as well as follow-up visits to the clinic. Medisave funds can be used to pay the premiums. Some insurers offer policies that cover personal accidents and infectious diseases, such as the hand, foot and mouth disease. Parents can also consider picking up plans to cover critical illnesses. There are options for lifetime coverage or term plans, but with a limited payment period.
Help them fulfill their dreams
We want the best for our children, and the rising costs of a tertiary education should not stand in the way of them fulfilling their potential.
An endowment insurance plan geared towards education pays a guaranteed sum upon the plan’s maturity, usually when the child turns 21 years old.
Some insurers offer limited payment policies, where you pay premiums for a fixed period before the plan matures.
An investment-linked policy may give you higher returns, if the investments perform well. But the payout is not guaranteed.
Both types of plans provide coverage for terminal illness, total and permanent disability and death.
Find out more on how you can protect your kids
Find out if you’re sufficiently covered or get ideas on which area of protection you may need. Speak to our Wealth Planning Managers to understand how you can complement your existing financial plans.