We want the best for our kids. Your child could benefit from some comprehensive preparation and protection.
As you prepare to receive your little one, you can already start to protect him or her from the unexpected situations that life brings.
Prenatal insurance covers both mother and child for hospital and surgical expenses during and after delivery, in the event of complications and congenital conditions.
This plan could also be bundled with a life insurance component that would give your child coverage in the event of terminal illness, total and permanent disability and death.
We can’t wrap our babies in a protective cocoon at all times, so it could be better to pick up healthcare insurance plans to help with expenses should they need it.
Newborn babies 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 can be used to pay for your child’s medical expenses, including vaccinations, hospitalisation and MediShield Life premiums.
Additionally, newborns are covered under MediShield, which can be used 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 infectious diseases, such as hand, foot and mouth disease, and personal accidents, as getting into scrapes on the soccer field happens more often than you’d like.
Parents could also consider picking up plans to cover critical illnesses. There are options for lifetime coverage or term plans, but with a limited payment period.
You want the best for your child, and rising costs of a tertiary education shouldn’t stand in the way of fulfilling their potential.
Consider an education fund early on, either an endowment or investment-linked scheme, and start putting away funds regularly to pay for that bachelors or masters degree.
An endowment insurance plan geared towards education pays a guaranteed sum upon the plan’s maturity, usually when the child turns 21 years of age.
Some insurers offer limited pay policies, where you pay premiums for a fixed period before the plan matures.
An investment-linked policy could give you higher returns, if the funds your premiums are invested in perform well. But the payout is not guaranteed.
Both types of plans additionally provide coverage for terminal illness, total and permanent disability and death.